Oman Insurance Report Q3 2016

Date: June 15, 2016
Pages: 58
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: We have made some minor changes to our latest Oman insurance forecast to reflect the ongoing currency movements. We expect a positive year for the Omani insurance industry as a whole. 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 property insurance.

Key Updates And Forecasts
  • In April 2016, the national regulatory the Capital Markets Authority amended the legislation covering the Insurance Agents' Regulation. According to the new rules, the 'Omanisation' programme will be stressed upon the insurance agents. Requirements for obtaining an insurance license will be changed, along with stressing the value of private sector partnerships as part of the Decision No. 28/2016.
  • We are forecasting the life insurance market to grow by about 15.6% a year on average over the course of our forecast period, following a significant decline in 2015. The market remains nascent by global standards; however, underwritten premiums will jump from an estimated USD71mn in 2016 to around USD134mn in 2020.
  • The non-life sector is considerably larger, with premiums of around USD1.0bn in 2016. Growth will, however, be slower than the life sector, with premiums increasing by 5.7% annually, on average, to reach USD1.24bn in 2020.
  • 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 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Oman 2013-2020)
  Table: Life Insurance Claims (Oman 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Oman 2013-2020)
  Table: Non-Life Insurance Claims (Oman 2012-2013)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums By Product Line (Oman 2013-2020)
Industry Risk Reward Index
MENA Insurance Risk/Reward Index
  Table: MENA Insurance Risk/Reward Index - Q316
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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