Omani insurance market: 2022 turnover

Omani insurers have ended the 2022 financial year with a 13% increase in their overall turnover to reach 541.3 million OMR (1.4 billion USD). The sector accounts for 1.23% of the country's GDP.

The market is dominated by the health and motor classes of business, which respectively make up 35% and 19.68% of the total premiums written in the Sultanate as at 31 December 2022. On that date, takaful contributions totalled 76.3 million OMR (197.6 million USD), up by 7.8% over one year.

In 2022, the number of employees in the insurance sector stood at 3 176.