Oman Reinsurance Company (Oman Re) has generated a good financial performance, as reflected in net income return on equity of 8.4% in 2023 (2022: 7.5%), says Fitch Ratings.
Oman Re, the Sultanate of Oman's sole reinsurer, has announced a significant surge in its net profit after tax for the first quarter of 2024, reaching an impressive OMR977K ($2.5m).
Insurance companies will be apprehensive of potential exposure from claims filed by private homes and businesses impacted by the severe flooding in Oman since 14 April.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
The recorded after-tax profits of Oman's eight listed insurance companies saw an increase to OMR21.5m ($56.2m) in 2023 from OMR15.2m in 2022, marking a 42% increase, according to an analysis by Badri Management Consultancy.
GIG Gulf, one of the largest insurance providers in the MENA region, has received approval from the Capital Markets Authority (CMA) in Oman to provide digitally integrated insurance services for customers online.
Sohar International, the fastest-growing bank in the Sultanate of Oman, has signed a strategic partnership agreement with Insurance House (Bima), the first insurance portal in the Sultanate of Oman.
The Capital Market Authority (CMA) has approved four insurance entities including insurance companies and brokerages to provide their integrated insurance services via online platforms.
The insurance service results for listed insurance companies in Oman jumped by 28% year on year to OMR25m ($65m) in 2023, according to an analysis by Badri Management Consultancy which provides actuarial and other services.
Oman Re, the sole reinsurer in the Sultanate of Oman, received a retakaful window licence from the Capital Market Authority on 22 February 2024, the company announced in a statement.