Oman Insurance Industry – Key Trends and Opportunities to 2027

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Oman Insurance Industry Report Overview

The total gross written premiums (GWP) in the Oman insurance industry were OMR549.8 million in 2022 and is expected to record a CAGR of more than 6% during 2023-2027.  The Oman insurance industry report provides in-depth market analysis, information, and insights into the Oman insurance industry. The report has a comprehensive overview of the Oman economy, government initiatives, and investment opportunities.

Oman Insurance Industry Outlook 2022-2027 (OMR million)

Oman Insurance Industry Outlook 2022-2027 (OMR million)

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The Oman insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Oman’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.

Market Size (2022) OMR549.8 million
CAGR (2023-2027) >6%
Key Insurance Sectors Life Insurance and General Insurance
Key Trends Health Insurance
Key GI Lines of Business Property, Motor, Liability, MAT, General Insurance PA&H, and Miscellaneous
Key Companies National Life & General, Dhofar Insurance, Al Madina, AXA, Takaful Oman, Oman Qatar, Oman United, Al Ahlia Insurance Company, Vision Insurance, Oman Insurance, and Arabia Falcon
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Oman Insurance Industry Trends

Health insurance was the key trend impacting the Oman GI industry. For instance, the CMA introduced a unified agreement for health insurance schemes in January 2023. The aim is to help regulate relationships and drive best practices between stakeholders in the insurance market. This will help reduce disputes and conflicts of interest while enhancing and regulating financial flows among stakeholders by linking them to the Dhamani online platform.

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Oman Insurance Industry Sectors

The key sectors in the Oman insurance industry are life insurance and general insurance. In 2022, the general insurance sector accounted for the highest share. Growth in the general insurance sector is driven by PA&H, which accounted for more than 39% of the general insurance GWP share in 2022, followed by property and motor insurance. General insurance penetration is lower than both the emerging and developed markets averages due to limited awareness.

Oman Insurance Industry Analysis by Sector, 2022 (%)

Oman Insurance Industry Analysis by Sector, 2022 (%)

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Oman Insurance Industry – Competitive Landscape

The key companies in the Oman insurance industry are National Life & General, Dhofar Insurance, Al Madina, AXA, Takaful Oman, Oman Qatar, Oman United, Al Ahlia Insurance Company, Vision Insurance, Oman Insurance, and Arabia Falcon among others. In 2022, National Life & General was the largest insurer of the Oman insurance industry, followed by Dhofar Insurance, and Al Madina.

Oman Insurance Industry Analysis by Companies, 2022 (%)

Oman Insurance Industry Analysis by Companies, 2022 (%)

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Key Segments Covered in the Report.

Oman Insurance Industry Sector Outlook (Value, OMR Million, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Oman insurance industry –

  • It provides historical values for the Oman insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
  • It offers a detailed analysis of the key categories in the Oman insurance industry and market forecasts to 2027.
  • It profiles the top life insurance companies in Oman and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the Oman insurance industry.

• A comprehensive overview of the Oman economy, government initiatives, and investment opportunities.

• The Oman insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

• The Oman insurance industry’s market structure giving details of lines of business.

• Oman’s reinsurance business’s market structure giving details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Oman insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Oman insurance industry.
  • Assess the competitive dynamics in the Oman insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

National Life & General Insurance
Dhofar Insurance Company
Al Madina Insurance
Oman Qatar Insurance Company
Arabia Falcon Insurance
Takaful Oman Insurance
Oman United Insurance
AXA Insurance (Gulf) (Oman)

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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