Boston, MA -- (SBWIRE) -- 02/12/2014 -- The Omani insurance industry is the fourth-largest insurance industry, in terms of written premium, in the GCC region. However, compared to other developed insurance industries such as the UK, Japan and China, Oman has a small insurance industry in gross written premium terms. The Omani insurance industry is similar to that of Qatar and Bahrain, but smaller than other neighboring industries such as the UAE and Kuwait. The industry is expected to grow over the forecast period as the country's energy sector continues to finance infrastructure projects. Such large investment will positively influence the industry over the forecast period. There were 22 operational insurers and one takaful insurer in 2012: 12 non-life companies, two life companies, eight composite companies. Of these 22 insurers, 11 are domestic and the rest are foreign.
- The non-life segment accounted for 73.9% of the industry's written premium in 2012.
- Oman allows 70% foreign direct investment (FDI) in the insurance industry, and the entry of foreign companies increased competitiveness.
- The mandatory nature of motor liability insurance, coupled with growth in the construction industry, supported the growth of motor and property insurance during the review period.
- Government infrastructure expenditure is expected to support the non-life insurance segment over the forecast period.
- As of 2011, there were 11 domestic and 11 foreign insurance companies operating, alongside one Takaful insurance company.
- The popularity of Takaful insurance is expected to be a challenge to conventional insurance in Oman.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the insurance industry in Oman:
- It provides historical values for the Omani insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key segments and categories in the Omani insurance industry, along with forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Oman, and outlines the key regulations affecting them.
Reasons to Get This Report
- Make strategic business decisions using in-depth historic and forecast industry data related in the Omani insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Omani insurance industry.
- Assess the competitive dynamics in the Omani insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
Companies Mentioned in this Report: Dhofar Insurance Company, National Life and General Insurance Company, Al Ahlia Insurance,
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