Oman's insurance sector has demonstrated stable performance over the past five years, including reporting satisfactory growth in 2025, said the Financial Services Authority (FSA) Vice Executive President Ahmed Bin Ali Al Maamari.
In an interview with Middle East Insurance Review, he said that in 2025, GWP grew by 9.27% to OMR559.6m ($1.46bn). According to unaudited financial data from insurance companies, life and savings insurance activities contributed significantly to this growth, with an increase of nearly 41.9% during the year. Health insurance business saw notable growth of nearly 6%, reflecting the growing awareness of the importance of such protection in enhancing financial stability for individuals and families.
Unaudited data also indicate an increase in total assets in the insurance industry in 2025. These reached around OMR1,226.97m at the end of last year. Of this total, general insurance contributed OMR799.48m; life insurance, OMR260.50m; and health insurance, OMR166.99m. The assets of national insurance companies amounted to around OMR912m. The assets of foreign insurance companies represented 25% of total assets, estimated at about OMR314m.
Total investments of Oman’s insurers reached approximately OMR856.8m by the end of 2025, according to the unaudited data, compared to about OMR773.4m in 2024, representing a marginal growth rate of 0.5%.
Mr Al Maamari said, “This reflects the stability and sustainability of investment strategies in the sector over the past five years. Part of this growth came from companies directing their investments towards government bonds and government-backed bonds.” The investment volume in these instruments rose to OMR122m in 2025, compared to OMR114m in 2024, representing an annual growth rate of 1.29%.
The latest available data show that the sector achieved profits exceeding OMR28.87m in 2024, reflecting the ability of insurance companies to adapt to regulatory and financial changes and ensure the efficient provision of insurance services.
He added that the insurance sector also played a pivotal role in the local capital market by allocating a significant portion of its investment portfolios to listed stocks, government and corporate bonds, and sukuk on the Muscat Stock Exchange, with these instruments collectively making up about 19% of total investments as of the end of 2025.
“This underscores the sector’s active contribution to enhancing liquidity and supporting the growth of the national financial market,” he said.
Five years of stable performance
Over the past five years, the industry has maintained a stable performance, Mr Al Maamari said. Claims paid by insurance companies in 2024 decreased by 0.71%, with total claims paid amounting to about OMR279.40m in 2024, compared to OMR289.60m in 2020.
The capital of insurance companies amounted to approximately OMR251m in 2024, compared to OMR274.7m in 2020. Locally-incorporated insurance companies' capital totalled about OMR113.85m in 2024, while that of foreign companies was about OMR137.24m.
Regarding accounting and transparency, the insurance sector in Oman has implemented the International Financial Reporting Standard 17 (IFRS 17) since 1 January 2023.