News Middle East01 Aug 2019

Oman:Insurance market growth boosted by non-life business

| 01 Aug 2019

Gross direct written premiums of insurance companies in Oman increased by 2.7% in 2018 to reach OMR463.6m ($1.2bn) compared to OMR451.6m in 2017, according to the annual report for 2018 of the Capital Market Authority (CMA).

Gross direct general insurance premiums rose by 3.5% to OMR404m in 2018 compared to OMR390.2m in 2017. On the other hand, gross direct life insurance premiums decreased by 3% to OMR59.6m in 2018 compared to OMR61.4m in 2017.

The retention ratio of insurance companies in 2018 was about 58.72%, higher than the ratio of 57.46% in 2017.

The following table shows the market shares of local insurers and foreign players:

 

2017

2018

Change %

General insurance

 

 

 

Local insurers

322,055

345,252

+ 7

Foreign insurers

68,144

58,712

-14

Total

390,199

403,964

+ 4

 

 

 

 

Life insurance

 

 

 

Local insurers

33,216

35,034

+ 5

Foreign insurers

28,156

24,597

- 13

Total

61,372

59,631

-3

 

 

 

 

Overall

 

 

 

Local insurers

355,271

380,287

+ 7

Foreign insurers

96,300

83,308

-13

Total

451,571

463,595

+ 3

Source: CMA

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