Naperville, IL -- (SBWIRE) -- 08/01/2013 -- Reportstack, provider of premium market research reports announces the addition of Oman Insurance Report Q3 2013 market report to its offering
Key Insights And Key Risks
As of mid-2013, it is clear that conditions have been mixed for the major players in both segments. In the
non-life segment, it appears that al-Ahlia, the local subsidiary of RSA, has been gaining market share at the
expense of the other companies. In the life segment, National Life & General Insurance, the main
subsidiary of ONIC Holding has achieved substantial growth: this has been thanks to greater sales of health
insurance products, both in Oman and the UAE. Other companies have reported declining premiums - in
some instances as a result of a deliberate policy to focus on profitability rather than growth. Meanwhile,
earnings from investments - for most companies at least - appear to have improved dramatically in
comparison with the very difficult period that was 2011.
Overall, though, nothing has happened to change BMI's view that Oman will likely remain home to an
insurance sector that is small, fragmented and highly competitive. Over recent years, premiums in both
segments have been growing at low double-digit rates. Retention rates are low (often well below 50%).
Over the last year or so, motor-related claims have been unacceptably high. The insurers remain vulnerable
to volatility in the underdeveloped financial markets of Oman and other countries in the region.
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