The Capital Market Authority (CMA) has released the results of the Omani insurance market for 2018. The total direct premiums in the Sultanate reaches 463.5 million OMR (1.2 billion USD) against 451.5 million OMR (1.17 billion USD) in 2017, thus increasing by 2.6%. Despite a critical economic and political situation, the market has maintained a stable growth rate during the last four years.
For the record, it is the first time that the health insurance surpasses the motor activity with 152 million OMR (394 million USD) in premiums and a 33% market share. The health business’s premiums grew by more than 30% between 2011 and 2018. This mainly results from the increase in demand in the private sector. With 145 million OMR (375 million USD) of premium collection, the motor activity contributes up to 31% of subscriptions.
The Takaful insurance records 53 million OMR (137 million USD) in premiums, rising by 17% compared to 2017.
The insurance sector contribution to Gross Domestic Product (GDP) decreases to 1.52% in 2018 compared to 1.63 one year before that.
Read also | Omani insurance industry [4]