The Omani insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Capital Market Authority Directorate General of Insurance Regulation
  • Premiums (2004): 267 million USD
  • Insurance density (2004): 89 USD
  • Penetration rate (2004): 0.7%

2004 market structure

Actors
Number
National companies
8
Foreign companies
10
Brokers
13

Identity

  • Area: 212 460 Km2
  • Population (est 2005):
    3 000 000 inhabitants
  • GDP (2004): 38.09 billion USD
  • GDP per capita (2004):
    13 100 USD
  • GDP growth rate (2003): 1.2%
  • Inflation rate (2004): 0.2%
  • Main economic sectors: Crude oil production and refining, natural gas, asbestos, copper, marble, optic fiber, metal manufacturing, textiles, fish export

Major towns

(in number of inhabitants)
  • Muscat (capital): 400 000
  • Masirah: 175 000
  • Salalah: 132 000
 

Turnover evolution*: 2003-2004

in thousands USD
 2003200420032004
National companies
185 927192 69272.6%72.1%
Foreign companies
70 22074 73827.4%27.9%
Total
256 147 267 430 100.0% 100.0%
* Direct premiums

Premiums split by class of business and by company
2003-2004

in thousands USD
 MarinePropertyMotorMiscellaneousTotal
Non life
LifeGrand total
 20032004200320042003200420032004200320042003200420032004
National companies
Al Ahlia Insurance
7 1254 5093 2313 08312 26612 29512 00214 11534 62434 0021 6404436 26434 046
Dhofar Insurance
3 3296 06815 20312 83639 56341 5848 2017 80366 29668 2913 2783 87569 57372 166
Muscat Insurance
2 6512 4837 3337 9332 0321 8692 7323 10214 74815 387  14 74815 387
Muscat Life Insurance
          7 0178 7497 0178 749
National Life Insurance
          14 32614 76714 32614 767
Oman Qatar Insurance
 98 183 31 38 350   350
Oman United Insurance
4 6623 5773 5322 56923 24926 1469 6914 95341 13437 2452 8643 34743 99840 592
Royal & Sun Alliance Insurance
 1 333 2 600 1 978 727 6 638   6 638
Total
17 767 18 068 29 299 29 204 77 110 83 903 32 626 30 738 156 802 161 913 29 125 30 782 185 927 192 695
Foreign companies
Al Ittihad Al Watani
1462911141129501 0651 4371 6552 6473 123  2 6473 123
Al Nisr Insurance SAL
424677741 6071 8156193402 3452 275  2 3452 275
ALICO
  135185  9 10114 1079 23614 2928 3598 53717 59522 829
Arabia Insurance Co SAL
2902262432544 8835 6141 6452 0167 0618 1104144097 4758 519
Axa Insurance plc
      46 46   46 
Iran Insurance Co
4626075061531514039541 1501 069  1 1501 069
Life Insurance Co International
           783 783
New India Assurance Co Ltd
1 1121 5278039256 9277 6762 5403 16411 38213 292  11 38213 292
Norwich Union Insurance
1 2301 1691 0407174 2963 8281 5451 4738 1117 18762798 1177 466
Royal&Sun Alliance Insurance
1 6657969 8798 7485 8814 4412 0391 40019 46415 385  19 46415 385
Total
4 531 4 315 13 041 11 630 24 859 24 579 19 011 24 209 61 442 64 733 8 779 10 008 70 221 74 741
Grand total
22 29822 38342 34040 834101 969108 48251 63754 947218 244226 64637 90440 790256 148267 436

2004 Premiums split by class of business

National companies
Foreign companies

Loss Ratio

 20032004
 National
companies
Foreign
companies
National
companies
Foreign
companies
Marine
54%20%19%21%
Property
44%63%25%0%
Motor
82%60%81%59%
Miscellaneous
31%33%35%25%

Exchange rate
USD/OMR as at 31/12
2000
2001
2002
2003
2004
0.3933
0.3869
0.3847
0.3845
0.3845
0
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