According to unaudited figures provided by the regulatory authority, the Omani market recorded a 10% increase in premiums in 2014.
The turnover of all insurers amounted to 400.4 million OMR (1.04 billion USD) against 364 million OMR (948 million USD) in 2013.
The motor class of business accounts for 50% of underwritings. Market growth is, however, drawn half by health insurance,which thanks to an increase of 31.5% in its collected premiums generated 82.9 million OMR ( 216 million USD) in premiums.
According to Mr Abdullah bin Salem Al Salmi, executive president of the Capital Market Authority, the craze for health insurance reflects the significant changes in the popularity of this class of business.
Its growth is fueled by government institutions and some companies that now guarantee health coverage to their employees. As for other classes of business such as travel insurance or property damage, demand remains low.