News
Oman Insurance Market Review Reveals 18% GI Premium Increase
| May 20, 2010 by Tracey Scott
Total premium for the Oman general insurance sector increased 18.1 per cent last year, the latest Sultanate of Oman Insurance Market Review reveals.
Total direct premium of the GI sector increased from OMR167m in 2008 to OMR197.5m in 2009.
The report, published by the Capital Market Authority, shows national insurance companies’ share in total direct GI premium stood at 79 per cent, or OMR155.9m.
Total direct premium written by life insurers in the Sultanate decreased by 1.8 per cent from OMR41m in 2008 to OMR40.4m last year. National companies made up OMR31.4m in total life premium.
Total number of policies issued by insurers in the life and general category reached 833,458 in 2009, compared to 866,158 in 2008, representing a 3.8 per cent decrease. National insurers accounted for 706,292 of the life and general policies in 2009, comprising 695,996 general insurance policies and 10,296 life insurance.
Yahya Said Abdullah Al Jabri, CMA executive president, said: “Notwithstanding the challenges that faced the insurance industry in 2009 after the global financial crisis, CMA was able, in collaboration with the companies operating in the insurance sector, to achieve success and positive indicators for the sector to contribute to the process of economic development.”
