The first nine months of 2026 tell a two-speed story of Oman's listed insurers: demand stayed firm and spread more evenly across the market, while earnings cooled and became markedly more concentrated, according to BADRI Management Consultancy, an international actuarial and risk consulting firm.
In its “OMAN—Listed Insurance Industry Performance Analysis” report, based on preliminary data for the first nine months of this year, BADRI points out that insurance revenue for the eight listed companies reached OMR588.8m ($1,531.4m) in the first nine months of 2026, an 11% rise on the OMR528.4m booked for the corresponding period of 2025, confirming that underlying premium generation has held up well despite a crowded and price-competitive market.
BADRI said, “What stands out during this period is where the growth came from. The three largest insurers lifted revenue 12% to OMR469.0m, but the rest of the field was not far behind, growing 8% to OMR119.9m. That is a clear step up from the half-year, when the smaller insurers trailed well behind the leaders, and it suggests the recovery in volumes is no longer confined to the top of the table.”
Profits
Earnings moved the other way. Combined profit after tax declined by 6% to OMR24.8m from OMR26.3m, but the headline understates how narrow the setback was.
BADRI said, “Almost the entire decline sat with the market leaders, whose combined profit fell by 14% to OMR17.6m on the back of a steep drop at the single largest insurer [Liva] as it came off an unusually strong 2025. Strip that one company out and the sector’s profit actually grew by 24%. The remaining insurers, far from dragging, grew combined profit 26% to OMR7.2m, the mirror image of the half-year pattern.
Stronger middle tier
Taken over nine months, the market looks healthier on the top line than the profit figure first implies. Volume growth is broadening, the earnings dip is isolated to one normalising leader, and the mid-tier is quietly strengthening.
The open question for the closing quarter is underwriting: with service margins thin and catastrophe exposure now embedded in motor books, the insurers that tighten pricing and claims control, rather than lean on investment income, will be the ones that carry genuine profit growth into year-end.