Listed insurance companies in Oman saw an increase of 30% in their combined premium income to OMR523m ($1,359m) the financial year ended 31 December 2022 (FY2022), notes Badri Management Consultancy (BMC), a UAE-based actuarial consulting company.
The Capital Market Authority (CMA) has put into effect the Unified Agreement for Health Insurance Scheme this month, to regulate the interrelationships among stakeholders in the insurance market.
Qatar Insurance Company (QIC) has announced that its majority-owned subsidiary in the Sultanate has entered into a binding merger agreement with Omani insurer Vision Insurance.
The acquisition of Royal & Sun Alliance Insurance (Middle East) by National Life and General Insurance Company (NLGIC), the first and largest Omani insurance company, has strengthened the latter's business profile, providing both product and geographical diversification, as well as consolidating NLGIC's position in its existing markets, says AM Best.
National Life & General Insurance Company (NLGIC), the biggest insurer in Oman, has announced that it will purchase 47.5% of Al Ahlia Insurance Company's shares.
The Capital Market Authority (CMA) has restructured 23 online services rendered to the public in the insurance and capital market sectors.
QIC Group posted a net profit of QAR571m ($157m) from continuing operations for the first three quarters of 2022, a jump of 11.7% from QAR511m reported for the corresponding period of 2021.
Oman Re, the Sultanate's sole reinsurer, has posted underwriting gains of OMR2.9m ($7.4m) for the first three quarters of this year, 127% higher compared to the corresponding period last year.
Total premiums written by insurance companies operating in Oman rose by 10% to OMR297m in the first half of the year, compared to OMR271m in the corresponding half in 2021.
The Omani insurance industry wrote a total of OMR250m ($649m) gross written premium in the first half of 2022 (1H2021: OMR222m), representing growth of 13%.