Oman: Premiums rise 9% in 1H
Source: Middle East Insurance Review | Sep 2015
Gross premiums of insurance companies in Oman grew by 9% to OMR246.44 million (US$640 million) in the first half of 2015, from OMR226.89 million for the same period last year.
Medical insurance witnessed the highest growth of 32% to OMR63.07 million in premiums for the first half of this year, reported the Times of Oman, citing a report by the Capital Market Authority. Other major growth areas are individual life insurance and group life insurance.
Net direct premiums increased by 13% to OMR135.27 million from January to June compared to OMR119.33 million for the corresponding period last year. The highest growth in net direct premium was generated in group life insurance (55%) and medical insurance (54%).
Motor recorded the highest retention ratios for the first six months of this year, at 88% for comprehensive insurance and 84% for third-party insurance. The retention ratio for individual life insurance was 67%. Retention ratios for engineering, transport and property insurance were the lowest, at 18%, 15% and 9%, respectively.
Local insurers continued to dominate the market in the Sultanate in the first half of the year. The largest insurer was National Life and General Insurance Company with premiums of OMR52 million or a 21% market share, followed by Dhofar Insurance (16%), Oman United Insurance (9%) and Al Ahlia Insurance (8%).
OMR1 = US$2.60