The Omani insurance market: poor premium growth in 2016
The unaudited figures of insurance companies have pointed to a growth of 1.9% of the premiums written for 2016 compared to 10% in 2015.
Falling oil prices along with those of infrastructure investments have impacted the insurance activity. The slowdown of the tertiary sector has also weighed down the insurance activity. All of these elements combined resulted in a decrease of the premiums, especially in the following classes of business: engineering (-21%), life group (-19.9%) and motor comprehensive (-9.6%).
The market turnover is poised to rise at 454.64 million OMR (1.2 billion USD) by the end of 2016 compared to 446.24 million OMR (1.16 billion USD) in 2015.
During the past year, life insurance has contributed up to 7.3% of the market’s overall premiums while its progression has been vigorous with 213.3% growth at 33.4 million OMR (87 million USD).
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