Oman: Insurers' audited financials show aggregate direct premiums jump by 13% in 2022 to over $1.4bn
Source: Middle East Insurance Review | Sep 2023
The Omani insurance sector’s total direct premiums rose by 12.8% to reach OMR541.30m ($1.41bn) in 2022 compared to OMR479.86m in 2021, said Capital Market Authority CEO Abdullah Al Salmi. The data is based on the audited financial statements of the insurance companies.
The insurance sector’s contribution to the GDP reached 1.23% in 2022, the Oman News Agency reported, quoting Mr Al Salmi. Despite the higher premium income in 2022, the penetration rate was lower than the 1.45% reported for 2021.
In his introduction to the annual statistical book on insurance market indicators in Oman for the year 2022, Mr Al Salmi said, “Insurance premium data indicate that health insurance accounted for 35% of the total direct written premiums, while the vehicle insurance branch in its two parts - comprehensive insurance and third-party insurance - accounted for 19.68% of the total premiums.”
The data indicate that the number of workers in the sector reached 3,176 at the end of 2022, of which 2,648 were Omani workers distributed in various administrative and technical positions in companies, brokers and insurance agents. They constituted 83.4% of the total number of workers in the sector. M