According to the Dubai-based consulting firm Alpen Capital, the Omani insurance market is expected to report a turnover of 1.3 billion USD in 2024, representing an average annual growth rate of 2.7% from 2019.
The increase in life insurance would be around 6.1%, while that of non-life would reach 2.1% between 2019 and 2024. The implementation of manadatory health insurance, starting in 2020 for more than 2 million employees and the development of many projects, including those of infrastructure worth an estimated 190 billion USD, will be the engines of growth in the insurance sector.
Despite these developments, penetration and density would remain below international standards. Forecasts for 2024 target an insurance penetration rate of 1.4% and a density of around 260 USD.
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