Oman - 2.2% Decrease in Ins. Premiums in 1st Quarter
Wednesday, 05 13 2020, Category: Insurance and Reinsurance, Country: Oman
Unaudited financial statements for the first quarter show slight decrease in direct insurance premiums at 2.2%. Gross direct premiums were RO 149.2 million during the first quarter of 2020 decreasing compared to the past year which was RO 152 million.
Insurance companies’ performance report during the first quarter of 2020 shows that total operational results of the sector witnessed an increase in net claims paid by insurance companies by 11% compared to the same period in the past year to RO 48.8 million from RO 43.8 million in the first quarter of 2019. Earned premiums recorded increase to RO 76 million from RO 75 million in the same period in the past year.
Net commissions were RO 909,000.9 increasing by more than 100%. Administrative and general expenses increased to 6% compared to the past year.
Source: Oman News Agency