Oman Re, the Sultanate of Oman's sole reinsurer, has announced strong financial results for the nine months ended 30 September 2025 (9M2025), recording a net profit after tax of OMR3.2m ($8.4m).
The combined insurance revenue of the listed insurance companies in Oman jumped by 13%, increasing to OMR541.6m ($1.4bn) in the first three quarters of 2025 (3Q2025) from OMR479.60m in the corresponding period in 2024, according to an analysis by Badri Management Consultancy, an international actuarial and risk consultancy.
Oman Re has successfully hosted its inaugural Insurance Leadership Roundtable bringing together the CEOs and top executives of Oman's insurance sector for an evening of dialogue, foresight and collaboration.
Policybazaar for Business, the B2B arm of Policybazaar.com, has announced the launch of its reinsurance operations in Oman, Qatar, the UAE and Sri Lanka, taking a technology-driven reinsurance model to international markets.
While total net profit across 76 listed GCC insurers held steady at $1.2bn in 1H2025, the overall performance was weighed down by Saudi insurers, who saw profits decline by 40.3%, with only six out of 25 recording higher earnings, according to a report by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
Sohar International Bank (SIB) has disclosed that it had applied to the Central Bank of Oman (CBO) for in-principle approval to make a non-binding offer for a stake of up to 100% in Insurance House (Bima).
The Financial Services Authority (FSA), the regulator of the insurance sector in Oman, has confirmed that it had not granted approval to any insurance company to increase mandatory motor third-party liability (MTPL) insurance premiums, according to a post on the regulator's X account.
Insurance companies in Oman recorded about 75,200 traffic accidents, 18,552 of which were classified as serious accidents, while the number of minor accidents exceeded 56,600 accidents, according to data released by the Financial Services Authority (FSA).
The combined net profits of eight listed insurance companies in Oman reached OMR17.8m ($46.3m) in 1H2025, from a net loss of OMR10.6m in 1H2024, according to Badri Management Consultancy, an international actuarial and risk consulting firm.
The insurance industry in Oman has seen the launch of the first domestic company licensed to engage in the management of health insurance claims.