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Mar 2024

Oman: Insurance sector expects an average 12% annual growth to 2021

Source: Middle East Insurance Review | Jun 2018

The insurance market in Oman is projected to grow at the fastest annual average pace of 12.1% in the period until 2021.
 
   “The premium growth in Oman is likely to be driven largely by macro factors like population growth, infrastructure developments and revival of business activity,” said Mr AbdulRazak Ali Issa, CEO of Bank Muscat.
 
   He gave this forecast in a statement at the signing of a 10-year bancassurance agreement between Bank Muscat and MetLife to offer a suite of innovative insurance solutions to the bank’s customers.
 
   Mr Theodor Alexandrescu, general manager, MetLife Gulf said, “MetLife is proud to be a partner of choice in distributing accident and health insurance for Bank Muscat in Oman. While the partnership unlocks new opportunities for both our organisations, MetLife aims to continue its momentum by offering Bank Muscat’s customers access to innovative and affordable solutions that meet unique financial protection needs of individuals and families in Oman.” M 
 
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