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Oman: Insurers post 3% increase in 1Q premiums to $350 mln

Source: Middle East Insurance Review | Jul 2017

Oman’s insurers have achieved almost 3% growth in gross direct premiums which reached OMR134.7 million (US$349.7 million) in the first quarter of 2017, against OMR131 million for the corresponding period last year.
 
   The Omani insurance market continued recording reasonable growth rates, despite the impact of falling oil prices, reported the Times of Oman, citing a statement from the Capital Market Authority (CMA).
 
   The 1Q increase in premiums was spurred by a positive turnout for individual life products, health and other insurance products, sales of which increased by 15%. Individual life insurance topped all insurance schemes with a 30% rise in the first quarter, continuing a growth process started in 2016. This was due to an option given to borrowers to cover their bank loans.
 
   Health insurance recorded good rates of growth in the first quarter, rising by 26% compared to the same period of 2016, which is an indication of increased awareness of the benefits of health insurance and the efforts of individuals and institutions seeking better standards of healthcare.
 
   Engineering insurance witnessed a 3% growth in the first quarter of this year, over the corresponding quarter of the previous year.
 
   Classes like transport, liability, motor comprehensive insurance and life group insurance showed a fall in premiums in 1Q, attributed to reductions in government expenditure.
 
   The retention ratio of the sector was about 57% in 1Q. The retention ratio of motor insurance (comprehensive and third party liability) was the highest at 87.7% for third party liability and 84.8% for comprehensive insurance. M 
 
OMR1 = US$2.60
 
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