Omani insurance market growth

The Omani insurance market is expected to keep growing in 2023. A number of factors are working in the insurers' favor including rising oil prices, GDP growth, economic diversification, improving business environment and digital transformation.

Preliminary data from the Omani Capital Markets Authority (CMA) suggests that the total turnover reached 545.5 million OMR (1.412 billion USD) by the end of 2022.

Health insurance, the main class of business underwritten with 35% of the market shares, has recorded a 17.9% premium increase to 191.5 million OMR (496 million USD) in 2022. The sustained growth of this activity is likely to continue in 2023 with the implementation of compulsory health insurance.