Oman – 1.9% increase in insurance premiums in 2016
Wednesday, 03 01 2017, Category: Insurance and Reinsurance, Country: Oman
The unaudited financial statistics provided by insurance companies show that the insurance sector in the Sultanate of Oman achieved a growth rate of 1.9% in the written premiums during year 2016 compared to year 2015. However, the growth decreased in 2016 compared to 2015 when it was 10% given the economic conditions including oil price decreases and the resulting cuts in budget spending on projects and logistical services. Insurance premium decreases were concentrated in engineering insurance, which decreased by 21% since it is related to projects and contractors’ risks. Moreover, group life insurance decreased by 19.9% and comprehensive motor decreased by 9.6%.
The size of the Omani insurance market reached 454.64 million Omani Riyals by year-end 2016 compared to 446.24 million Omani Riyals during year 2015.
Source: Al Roya - Oman