The Omani insurance market

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Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Capital Market Authority - Directorate of Insurance Supervision
  • Life and non life premiums (2013): 948 million USD
  • Insurance density (2013): 239.6 USD
  • Penetration rate (2013): 1.15%

Insurance market structure 2013

Actors
Number
National insurance companies
10
Foreign insurance companies
11

Country profile

  • Area: 309 500 km2
  • Population (2013): 3 957 000 inhabitants
  • GDP (2013): 81.95 billion USD
  • GDP/capita (2013): 20 710 USD
  • GDP growth rate (2013): 5.1%
  • Inflation rate (2013): 1.6%
  • Main economic sectors: oil production, natural gas, asbestos, copper, marble, optic fiber, metal manufacturing, textile industry, fish export.

Main cities

(per number of inhabitants in 2012 )
  • Muscat (capital): 1 090 797
  • Bawshar: 343 602
  • As Seeb: 310 673
 

Evolution of life and non life gross written premiums: 2009-2013

in thousands USD
 20092010201120122013
Non life
526 232539 573570 195751 451860 697
Life
102 341106 540158 304105 24187 732
Total
628 573 646 113 728 499 856 692 948 429

Evolution of life and non life gross written premiums: 2009-2013

in thousands USD

Evolution of life and non life net written premiums: 2009-2013

in thousands USD
 20092010201120122013
Non life
282 432266 580323 712402 325463 279
Life
49 73055 03145 85047 18345 955
Total
332 162 321 611 369 562 449 508 509 234

Evolution of life and non life net written premiums: 2009-2013

in thousands USD

Gross written premiums per company: 2009-2013

in thousands USD
 200920102011201220132012-2013 evolution2013 shares
Dhofar Insurance Company
151 924139 407135 377141 087162 67115.3%17.2%
National Life Insurance & General
57 78064 87091 727114 007145 90328.0%15.4%
Oman United Insurance
52 42454 70478 89194 483105 09111.2%11.1%
Al Ahlia Insurance Company
70 81263 25376 90386 51689 7273.7%9.5%
New India Assurance
38 14851 50061 50767 94576 71612.9%8.1%
Axa Insurance
26 63827 76331 69946 05554 43818.2%5.7%
Oman & Qatar Insurance
13 53121 68137 21048 13748 9321.7%5.2%
Al Madina Gulf Insurance
33 74130 64236 32943 88146 1065.1%4.9%
Falcon Insurance
26 34924 37225 13727 68634 04523.0%3.6%
Vision Insurance
24 85827 40027 99231 91233 1173.8%3.5%
Muscat Insurance
18 64421 58121 43123 54027 93618.7%2.9%
Arabia Insurance
19 36818 97720 41628 74927 801-3.3%2.9%
Metlife Alico Insurance
17 13218 45920 27122 17224 0868.6%2.5%
Oman Insurance
10 87712 84713 20227 17520 923-23.0%2.2%
Zurich Middle East
-2 7827 31313 41115 27313.9%1.6%
Arab Orient
1 8449 75610 0919 58612 87934.4%1.4%
AIG MEA
----9 211-1%
Iran Insurance
3 0484 6043 9604 3263 906-9.7%0.4%
Life Insurance Corp Inter
5 4595 4926 0924 5763 683-19.5%0.4%
Saudi Arabian Insurance
-2 7823 7303 4783 6705.5%0.3%
Muscat Life Insurance
12 91910 68413 9739 3752 315-75.3%0.2%
Royal & Sun Alliance Insurance
31 61726 844-----
Lebanese Insurance
2 926------
Chartis Memsa
5 2545 7135 2488 595---
Al Nisr insurance
3 280------
Total
628 573646 113728 499856 692948 42910.7%100%

Breakdown of gross written premiums per class of business: 2009-2013

in thousands USD
 200920102011201220132013 shares
Motor
262 861270 625299 151352 842385 96140.7%
Health
---118 635164 53317.3%
Engineering
---59 18262 2446.6%
Third party liability
---24 56527 6772.9%
Property damage
135 808125 931108 221111 052135 03714.2%
Marine
30 81838 75645 52231 63833 0943.5%
Others
96 745104 261117 30153 53752 1515.5%
Total Non life
526 232 539 573 570 195 751 451 860 697 90.7%
Life
102 341106 540158 304105 24187 7329.3%
Grand total
628 573646 113728 499856 692948 429100%

Breakdown of gross written premiums per class of business in 2013

Breakdown of net written premiums per class of business: 2009-2013

in thousands USD
 200920102011201220132013 shares
Motor
220 156209 280233 731299 695333 96865.6%
health
--34 57048 01265 36412.8%
Engineering
--16 20413 72417 0253.3%
Third party liability
--7 3728 6439 1701.8%
Property damage
14 41310 4027 0347 58110 1292%
Marine
11 6989 5159 2487 1058 0611.6%
Others
36 16537 38315 55317 56519 5623.9%
Total Non life
282 432 266 580 323 712 402 325 463 279 91%
Life
49 73055 03145 85047 18345 9559%
Grand total
332 162321 611369 562449 508509 234100%

Retention rate: 2012-2013

Exchange rate
OMR/USD as at 31/12
2009
2010
2011
2012
2013
2.60722
2.60688
2.60512
2.59875
2.60518
0
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Mon, 19/05/2014 - 11:16
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