Gross written premiums in Oman increased by 0.3% to OMR451.57 million ($1.17 billion) in 2017, compared to OMR450.24 million at the end of the previous year, according to the 2017 Insurance Market Review issued by the Capital Market Authority. The insurance sector contributed 1.63% of the nation's GDP.
In contrast, the average growth of insurance premiums in the last five years was 5.8%.
Last year, motor insurance comprised 34% of gross premiums, while health insurance accounted for 30%.
The report also shows that total paid indemnities increased by 14% in 2017 to OMR304.98 million.
Total assets of insurance companies increased by 22% to OMR1.048 billion at 31 December 2017. The investments of insurance companies stood at OMR581.32 million. Also, the retention ratio of insurers reached 57.46%.
Takaful contributions increased by 9% to OMR45.76 million in 2017. Takaful comprises 10% of gross direct premiums in 2017 and 19% of total paid indemnities which increased by 14% in 2017 to OMR304.98 million.
The retention ratio of Islamic insurance companies was 54.45% in 2017, while the loss ratio amounted to 392.82%. Total investments of takaful companies increased by 1.89% in 2017 to OMR35.50 million.
Regarding Omanisation, the data suggests the total number of employees in the insurance sector was 2,914 at the end of 2017, including 1,930 Omanis in various roles with insurance companies and brokers. This represented a localisation ratio of 66%.