Oman: Insurance market remains stable with 2.6% growth in 2018
Source: Middle East Insurance Review | Jul 2019
Total direct premiums of Oman’s insurance sector increased to OMR463.5m ($1.2bn) in 2018 compared to OMR451.5m in 2017, according to the audited financial statements of insurers.
Insurance premiums increased by OMR12m or 2.6% last year over 2017, according to data published by the Capital Market Authority in its annual issue of insurance market indicators.
The indicators confirm that the insurance market has maintained reasonable levels of growth during the last four years, despite economic conditions and spending cuts by businesses and the government, said local media reports.
The indicators also show structural changes in the distribution of insurance premiums in the Omani market. For the first time, health insurance business ranks first among the various classes of business, accounting for OMR152m or 33% of total premiums, while motor premiums contributed OMR145m or 31% of total premiums.
In the last few years, the health insurance sector witnessed remarkable growth. Its growth rate during the period 2011-2018 was about 30.5% due to rising demand for health insurance products.
Another class of business, property insurance, witnessed a steady growth of 22% in 2018, to post premium income of OMR48.7m, representing 10.5% of total premiums. The increase is attributed to higher public awareness of the importance of acquiring such protection, which insures property against the risks of fire, climate risks, etc. M
OMR1 = $2.60