The Omani insurance industry: 2013-2017 turnover per company
The Omani insurance market features
- Regulatory authority : Capital Market Authority - Directorate of Insurance Supervision
- Life and non life premiums (2017) : 1.175 billion USD
- Insurance density (2017) : 253.5 USD
- Penetration rate (2017) : 1.6%
Structure of the Omani insurance market in 2017
Market players | Total |
|---|---|
National insurance companies | 10 |
Foreign insurance companies | 10 |
Reinsurance companies | 1 |
Insurance brokers | 38 |
Total | 59 |
* at 31/12/2017
Identity
- Area : 309 500 km2
- Population (1) (2017): 4 636 000 inhabitants
- GDP (1) (2017): 72.643 billion USD
- GDP per inhabitant (2017): 15 669 USD
- GDP growth rate (2017): -0.3%
- Inflation rate (1) (2017): 1.6%
- Main economic sectors: oil production, natural gaz, asbestos, copper, steel, manufacturing industries, metallurgical industries, tourism, services.
(1) Source: World Bank
Main cities
(per number of inhabitants)
- Muscat (capital): 1 459 000
- Salalah: 374 582
- Suhar : 231 100
The Omani insurance industry: evolution of premiums per life and non life class of business (2013-2017)
Figures in thousands USD| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
Life | 98 372 | 108 520 | 138 024 | 176 268 | 159 776 |
Non life | 839 311 | 924 621 | 1 014 125 | 997 395 | 1 015 714 |
Total | 937 683 | 1 033 141 | 1 152 149 | 1 173 663 | 1 175 490 |
The Omani insurance industry: breakdown of life and non life turnover per company (2016-2017)
Figures in thousands| Class of business | 2017 turnover | 2016 turnover | 2016-2017 evolution (2) | 2017 Market shares | |||
|---|---|---|---|---|---|---|---|
| In OMR (1) | In USD | In OMR (1) | In USD | ||||
National insurance companies | Life | 33 220 | 86 474 | 25 790 | 67 228 | 28.81% | 9.35% |
Non Life | 322 060 | 838 341 | 313 270 | 816 617 | 2.81% | 90.65% | |
Total life and non life | 355 280 | 924 815 | 339 060 | 883 845 | 4.78% | 100% | |
Foreign insurance companies | Life | 28160 | 73 302 | 41830 | 109 040 | -32.68% | 29.24% |
Non Life | 68 140 | 177 373 | 69 350 | 180 778 | -1.74% | 70.76% | |
Total life and non life | 96 300 | 250 675 | 111 180 | 289 818 | -13.38% | 100% | |
Grand total | 451 580 | 1 175 490 | 450 240 | 1 173 663 | 0.30% | ||
(1) Omani Rial
(2) Growth rate in local currency
The Omani insurance: market share of national and foreign companies in 2017
The Omani insurance industry: top 10 insurance companies per turnover in 2017
Figures in thousands| 2017 turnover | 2016 turnover | shares 2017 | 2016-2017 evolution (2) | |||
|---|---|---|---|---|---|---|
| In OMR (1) | In USD | In OMR (1) | In USD | |||
National Life & General Insurance | 114 603 | 298 318 | 101 206 | 263 819 | 25.38% | 13,24% |
Dhofar Insurance | 44 767 | 116 531 | 55 201 | 143 895 | 9.91% | -18.90% |
Oman United Insurance | 38 412 | 99 990 | 38 545 | 100 477 | 8.51% | -0.34% |
Axa Insurance | 37 029 | 96 389 | 49 525 | 129 099 | 8.20% | -25.23% |
Al Medina Takaful | 29 915 | 77 871 | 27 191 | 70 880 | 6.62% | 10.02% |
Vision Insurance SAOG | 26 004 | 67 690 | 22 150 | 57 740 | 5.76% | 17.40% |
Al Ahlia Insurance | 25 921 | 67 474 | 28 430 | 74 110 | 5.74% | -8.83% |
The New India Assurance | 23 933 | 62 299 | 25 952 | 67 650 | 5.30% | -7.78% |
Oman & Qatar Insurance | 23 379 | 60 857 | 21 381 | 55 735 | 5.18% | 9.34% |
Muscat Insurance Company | 18 706 | 48 693 | 14 892 | 38 820 | 4.14% | 25.61% |
Total top ten companies | 382 669 | 996 112 | 384 473 | 1 002 225 | 84.74% | -0.47% |
Rest of the market | 68 911 | 179 378 | 65 767 | 171 438 | 15.26% | 4.78% |
Market total | 451 580 | 1 175 490 | 450 240 | 1 173 663 | 100% | 0.30% |
Exchange rate OMR/USD as at 31/12 | 2013 | 2014 | 2015 | 2016 | 2017 |
2.60518 | 2.60552 | 2.,60620 | 2.,60675 | 2.60306 |
Read also | Omani insurance market: Results 2018
