Oman – OMR358m Premiums in 9 months
Thursday, 12 14 2017, Category: Insurance and Reinsurance, Country: Oman
Omani insurance companies have achieved a marginal 0.3 per cent growth in direct gross insurance premium income at OMR358.16 million for the first three quarters of 2017, up from OMR357.23 million for the same period of last year.
Although the total rewritten premiums have generally increased during the period, most insurance segments have witnessed varying levels of fall, except health insurance and group life insurance which recorded an increase of 17 per cent and 25 per cent, respectively, according to a release from the Capital Market Authority (CMA).
The decline in various kinds of insurance is attributed to the austerity measures, which were evident in engineering insurance that witnessed a reduction of 3 per cent compared to the same period in the past year. Similarly, transport, property, motor, individual life and liability segments fell by 19 per cent, 7 per cent, 8 per cent, 21 per cent and 3 per cent, respectively.
The report showed that direct premium of motor insurance constitutes 33 per cent of the gross insurance premiums, while health insurance represents 31 per cent.
Source: Times of Oman