Omani insurance market in 2022

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Oman

The Omani insurance market features

  • Regulatory authority : Capital Market Authority - Insurance Supervision Department
  • Life and non-life premiums (2022): 1.402 billion USD
  • Insurance density (2022): 306 USD
  • Penetration rate (2022): 1.22%

Structure of the Omani insurance market in 2022

Market players
Total
Insurance companies
17
Takaful companies
2
Reinsurance companie
1
Insurance brokers
30
Healthcare service providers
4
Total
54

* at 31/12/2022

Identity

  • Surface area: 309 500 km2
  • Population (1) (2022): 4 576 000 inhabitants
  • GDP (1) (20122): 114.67 billion USD
  • GDP per inhabitant (2022): 25 057 USD
  • GDP growth rate (2022): 4.3%
  • Inflation rate (1) (2022): 2.8%
  • Main sectors of activity: oil production, natural gas, asbestos, copper, steel, manufacturing industries, metalworking industries, tourism, services.

(1) Source: World Bank

Main cities

(per number of inhabitants)

  • Muscat (capital): 1 623 000
  • Salalah: 440 000
  • Suhar : 231 100
 

The Omani insurance industry: evolution of premiums per life and non life class of business (2018-2022)

Figures in thousands USD
 20182019202020212022
Life
154 481157 266139 279148 439174 201
Non life
1 046 5171 103 3661 067 9161 094 2041 227 584
Total
1 200 9981 260 6321 207 1951 242 6431 401 785

The Omani insurance industry: turnover by class of business 2021-2022

Figures in thousands USD
Classes of business202120222021-2022 evolution (1)2022 shares
Health424 349495 94116.87%35.38%
Motor265 689275 8973.85%19.68%
Property damage197 629233 12617.96%16.63%
Engineering63 04466 0624.79%4.71%
Marine33 22236 90111.08%2.63%
Third party liability33 99435 9175.66%2.56%
Other risks76 27783 7409.79%5.98%
Non-life total1 094 2041 227 58412.19%87.57%
Group insurance106 697126 74518.79%9.04%
Individual insurance41 74247 45613.69%3.39%
Life total148 439174 20117.36%12.43%
Market total1 242 6431 401 78512.81%100%

(1) Growth rate in local currency

Marché omanais de l'assurance : net non-life loss ratio 2018-2022

 20182019202020212022
National companies101.11%64.32%60.37%62.60%56.30%
Foreign companies64.44%52.54%52.27%54.40%43.50%
Market total95.13%62.66%59.21%61.40%54.60%
Exchange rate
OMR/USD as at 31/12
2018
2019
2020
2021
2022
2.59062
2.59079
2.59113
2.58961
2.58954
0
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Mon, 26/02/2024 - 10:44
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