Magazine date:
Oct 2015 Oman Insurance Company (OIC), the first Emirati insurer, is expecting a decline in profits in 2015. Lower income from investments and stagnating prices at a very competitive level are the main reasons behind this finding.
Moreover, the authorities have imposed new rules on investments for insurance companies. Meanwhile, the prospects of rising insurance rates are fading away because of market overcapacity.
Sixty insurers share a market estimated in 2014 at 33.5 billion AED (9.1 billion USD) in premiums.