The Omani insurance market

Tweet [1] [2]

Magazine Issue:

The profession's hazards [3]

Magazine date:

Dec 2005

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

	2003	2004	2003	2004
National companies	185 927	192 692	72.6%	72.1%
Foreign companies	70 220	74 738	27.4%	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

	Marine		Property		Motor		Miscellaneous		Total Non life		Life		Grand total
	2003	2004	2003	2004	2003	2004	2003	2004	2003	2004	2003	2004	2003	2004
National companies
Al Ahlia Insurance	7 125	4 509	3 231	3 083	12 266	12 295	12 002	14 115	34 624	34 002	1 640	44	36 264	34 046
Dhofar Insurance	3 329	6 068	15 203	12 836	39 563	41 584	8 201	7 803	66 296	68 291	3 278	3 875	69 573	72 166
Muscat Insurance	2 651	2 483	7 333	7 933	2 032	1 869	2 732	3 102	14 748	15 387			14 748	15 387
Muscat Life Insurance											7 017	8 749	7 017	8 749
National Life Insurance											14 326	14 767	14 326	14 767
Oman Qatar Insurance		98		183		31		38		350				350
Oman United Insurance	4 662	3 577	3 532	2 569	23 249	26 146	9 691	4 953	41 134	37 245	2 864	3 347	43 998	40 592
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	146	291	114	112	950	1 065	1 437	1 655	2 647	3 123			2 647	3 123
Al Nisr Insurance SAL	42	46	77	74	1 607	1 815	619	340	2 345	2 275			2 345	2 275
ALICO			135	185			9 101	14 107	9 236	14 292	8 359	8 537	17 595	22 829
Arabia Insurance Co SAL	290	226	243	254	4 883	5 614	1 645	2 016	7 061	8 110	414	409	7 475	8 519
Axa Insurance plc							46		46				46
Iran Insurance Co	46	260	750	615	315	140	39	54	1 150	1 069			1 150	1 069
Life Insurance Co International												783		783
New India Assurance Co Ltd	1 112	1 527	803	925	6 927	7 676	2 540	3 164	11 382	13 292			11 382	13 292
Norwich Union Insurance	1 230	1 169	1 040	717	4 296	3 828	1 545	1 473	8 111	7 187	6	279	8 117	7 466
Royal&Sun Alliance Insurance	1 665	796	9 879	8 748	5 881	4 441	2 039	1 400	19 464	15 385			19 464	15 385
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	22 298	22 383	42 340	40 834	101 969	108 482	51 637	54 947	218 244	226 646	37 904	40 790	256 148	267 436

2004 Premiums split by class of business

National companies [4]	Foreign companies [5]

Loss Ratio

	2003		2004
	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
Exchange rate USD/OMR as at 31/12	0.3933	0.3869	0.3847	0.3845	0.3845

The Omani insurance market

Insurance market features

2004 market structure

Identity

Major towns

(in number of inhabitants)

Turnover evolution*: 2003-2004

Premiums split by class of business and by company2003-2004

2004 Premiums split by class of business

National companies

Foreign companies

Loss Ratio

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