Oman
has a small insurance industry in gross written premium terms. There were 23
operational insurers in 2011 and the industry was primarily supported by rising
levels of construction activity. Real estate and construction are two key
contributors to Omani GDP and the growth of these industries, coupled with a
young population is expected to drive the Omani
insurance industry over the forecast period. As a percentage of GDP,
insurance penetration rates measured 1.05% in 2011, which is low when compared
with countries with highly-developed insurance industries. The Omani insurance
industry comprises domestic and foreign companies and as of 2011, there were 11
foreign firms in operation. The approval of 70% foreign direct investment (FDI)
in the insurance industry increased the level of competition.
New
infrastructure projects, growth in the sale of automobiles and a plan towards
making health insurance mandatory are expected to support the growth of the
Omani insurance industry over the forecast period, which is anticipated to post
a CAGR of 10.4%.
Rising construction
industry
The
growth of the Omani real estate and construction industries supported the
growth of property insurance during the review period. The spending on
infrastructure in Oman registered an average growth rate of 6% during the
review period, which is expected to grow further over the forecast period. Oman's
government is focusing on infrastructure growth, and in its 2013 budget announced
that it would allocate OMR600 million (US$1.6 billion) to road and
infrastructure projects. The upcoming projects are expected to support the
growth of property insurance over the forecast period. Such growth is also
expected to drive the total insurance industry over the forecast period.
Mandatory health
insurance
The
popularity of health insurance among Omani citizens, coupled with government
plans to make it mandatory, is expected to support the industry growth. Not
only will government approval make health insurance mandatory for citizens, but
for expatriates as well.
Motor insurance is the
largest category
The
motor insurance category accounted for a 46.3% share of the industry in 2011.
The mandatory nature of third-party liability insurance was the main reason for
this. Amidst rising automobile sales, the motor insurance industry is expected
to support the growth of motor insurance over the forecast period.
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Scope
This
report provides a comprehensive analysis of the insurance industry in Oman:
- It provides historical values for the Omani
insurance industry for the report’s 2008–2012 review period and forecast
figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments
and categories in the Omani insurance industry, along with industry forecasts
until 2017
- It covers an exhaustive list of parameters,
including written premium, incurred loss, loss ratio, commissions and expenses,
combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Oman
and outlines the key regulations affecting them
Reasons
To Buy
-
Make strategic business decisions using in depth historic and forecast industry
data related to the Omani insurance industry and each segment within it
-
Understand the demand-side dynamics, key market trends and growth opportunities
within the Omani insurance industry
-
Assess the competitive dynamics in the Omani insurance industry
-
Identify the growth opportunities and market dynamics within key segments
-
Gain insights into key regulations governing the Omani insurance industry and
its impact on companies and the industry’s future
