Oman Insurance Report Q1 2016

Date: December 9, 2015
Pages: 58
US$ 1,295.00
Report type: Strategic Report
Delivery: Download

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Includes 3 FREE quarterly updates

BMI View: Following a short-term contraction led largely by currency movements, we expect to see solid growth in Oman's small life insurance sector, accompanied by slower growth in the considerably more developed non-life sector, over the remainder of the forecast period to 2019. Demand will be led primarily by Oman's strong macroeconomic performance and the substantial expatriate community, which will account for the majority of life premiums written. The insurance market in Oman continues to present structural challenges, including a fragmented competitive landscape and low retention rates, as well as downwards pressure on pricing in major basic lines such as motor.

Key Updates And Forecasts
  • Following a short-term decline, life insurance premiums are expected to grow by double-digit rates throughout the remainder of the forecast period. The market remains small by global standards, however, writing premiums of around USD102mn in 2019, up from USD48mn in 2015.
  • The non-life sector is considerably larger, with premiums of around USD885mn in 2015. Growth will, however, be slower than the life sector, with premiums increasing by less than 1% annually, on average, to reach USD935mn in 2019.
  • Oman's insurers saw a jump in claims in late 2015 due to the impact of heavy rainfall in September - some OMR3.6mn has been paid in compensation for damage to property, machinery and cars.
BMI Industry View
  Table: Headline Insurance Forecasts (Oman 2012-2019)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Oman 2012-2019)
  Table: Life Insurance Claims (Oman 2012-2013)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Oman 2012-2019)
  Table: Non-Life Insurance Claims (Oman 2012-2013)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums By Product Line (Oman 2012-2019)
Industry Risk Reward Index
MENA Insurance Risk/Reward Index
  Table: MENA Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Oman Insurance Market Share, 2011-2013 (USDmn)
Company Profile
American International Group (AIG)
Dhofar Insurance
Life Insurance Corporation Of India
National Life & General Insurance Company
Oman United Insurance Company
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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