Oman – 5 insurers control 60% of premiums
Tuesday, 08 22 2017, Category: Insurance and Reinsurance, Country: Oman
The insurance sector in the Sultanate has 23 companies including one reinsurance company. Among these companies, there are two Takaful companies, which started their activities in year 2014. Five insurance companies control the insurance sector including 4 local companies and one foreign company, which together control 60% of total insurance premiums written. Their contribution in the life insurance and general insurance sector is also 60%.
The compound annual growth rate of this sector was 9.6% during the period 2011-2016 as total premiums written reached OR 450.3 million (USD 1.17 billion) during year 2016.
Source: Oman Daily