News Middle East02 Jun 2020

Oman:Insurers increase their investments at home in 1Q

02 Jun 2020

Total investments inside Oman by the insurance sector increased in the first quarter of 2020 by 1%. Investments abroad decreased in the first quarter of 2020 compared to the previous year by 4.5%, according to unaudited financial data of the insurance sector.

Local insurers reported investments of OMR529.6m, concentrating 90% of them in the Sultanate while foreign insurance companies had OMR257.2m, 82% of which were in the domestic market, reported Times of Oman citing the data.

Overall, total investments of insurance companies in Oman stood at OMR686.5m, increasing by 2.8% compared to the first quarter of the previous year.

The data also indicate that cash instruments, bank deposits, listed bonds and shares, and real estate formed the majority of the investments. Cash instruments and bank deposits were OMR278.5m or 64.8% of the total investments of local insurance companies, and OMR162.8m or 63.3% of the total investments of foreign insurers.

The three insurers with the highest investment amounts were:

  • Dhofar Insurance with total investments of OMR74.47m;

  • AXA with OMR69.49m and

  • Oman United Insurance with OMR63.29m.

The number of insurers operating in Oman at the end of the first quarter of 2020 was 20 comprising 10 locally incorporated and 10 foreign companies in addition to one reinsurance company i.e. Oman Reinsurance. The number of life insurers was 15, general insurers, 19, and composite insurers, 14.

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