Oman: Motor insurance takes biggest share of 37% of total mart in 2015
Source: Middle East Insurance Review | Dec 2016
Vehicle insurance policies accounted for OMR162.3 million (US$421.6 million) in direct premiums or 36.7% of the total written premiums in Oman last year, according to a report released last month by the National Centre for Statistical Information (NCSI).
Total direct premiums paid to insurance companies in 2015 amounted to OMR442 million, up by 11.5% compared to 2014. Health insurance registered premiums of OMR102.5 million, while life premiums amounted to OMR53.0 million and property insurance, OMR46.5 million.
The total compensation paid by the insurers reached OMR290.7 million in 2015, compared to 2014’s OMR232.2 million.
The total value of the compensation paid for vehicle insurance reached OMR113.9 million; for health insurance OMR73.8 million; for life insurance OMR27.5 million and for property insurance OMR53.5 million.
The number of insurance companies in the Sultanate at the end of 2015 was 22 with 155 branches. Eleven of the insurers were locally incorporated, seven Arab and four foreign.
OMR1 = US$2.60