Omani insurance market: Q3 2020 results

According to data published by the consulting firm Badri Management Consultancy, the Omani insurance market registered a 3% decline in turnover in the first nine months of 2020.

The amount of premiums recorded by the 10 listed insurers dropped from 319 million OMR (826.1 million USD) as at 30 September 2019 to 309 million OMR (800.5 million USD) a year later. This decline is primarily due to the coronavirus pandemic.

During the period under review, the net profit generated by insurers amounted to 35 million OMR (90.7 million USD), a 52% increase compared to the 23 million OMR (59.6 million USD) recorded one year earlier.