Oman - Insurance Premiums Grow 5% to RO 486.5 Million
Thursday, 04 23 2020, Category: Insurance and Reinsurance, Country: Oman
Audited financial statements of the insurance sector for 2019 show that gross direct premiums of the sector increased by 5% to RO 486.5 million at the end of 2019 compared to RO 463.5 million at the end of 2018. The sector’s indicators show that average growth of insurance premiums in the past five years reached 4%.
Direct gross premiums of general insurance increased by 5% to RO 425.8 million in 2019 compared to RO 403.9 million in 2018. General insurance’s share was 87.5% of the total insurance portfolio accompanied by increase in gross direct premiums of life insurance by 2% to RO 60.7 million in 2019 compared to RO 59.6 million in 2018. Life insurance’s share was 12.5% of the total insurance portfolio.
Takaful products recorded a growth in direct premiums at 20% during 2019 compared to the previous year. Takaful share was 13.2% of the total insurance portfolio at about RO 64 million.
Despite the unfavorable circumstances, slow growth and recession in the past years, insurance premiums witnessed a remarkable growth due to increased awareness of the economic and social importance of the insurance as it takes priority in the administrative expenses of institutions to hedge the risk and safeguard the wealth, as well as the public’s confidence in the insurance market in Oman, thanks to well organized and regulated market for the protection of all stakeholders and relationship between the insured and insurers.
Source: Oman News Agency