• Oman

    • Insurance Sector in Oman recorded 13% rise during Q3 of 2022

    By on December 28, 2022
    CMA
    CMA

    Muscat: The insurance sector in the Sultanate of Oman recorded a 13% rise in the total direct premiums written to stand at RO 133 million during the third quarter of 2022 compared to RO 118 million during the corresponding period in 2021, according to the latest data issued by the Capital Market Authority (CMA).

    National companies grabbed the largest share of direct premiums written to stand at 83%, which constitutes RO 111 million compared to RO 99.4 million during the corresponding period in 2021.

    Direct premiums written reached RO 431 million till the end of September 2022.

    The third period of 2021 and 2022 recorded variations in indicators. A rise was recorded in liability insurance premiums by 19%, car insurance premiums (third party) by 21.1% and engineering insurance premiums by 41% to reach RO 6.7 million.

    Meanwhile, premiums declined for transport insurance and properties insurance by 16% and 11%, respectively.

    With regard to distribution of direct premiums of insurance products, it was noted that health insurance tops the insurance products by 36% of the market share followed by properties insurance and motor insurance (third party) by 14% and 11%, respectively.

    Net gross direct premiums, which are the premiums retained by insurance companies after deduction of reinsurance, increased by 14% during the third quarter of 2022 compared to the corresponding period in 2021.

    This is attributed to the increase in gross premiums on most categories of insurance as life (group) insurance rose by 53% to reach RO 4.8 million. Motor insurance (third party) also went up by 23% to reach RO 13.3 million.

    During the third quarter of 2022, net commissions decreased by 185%. Earned premiums, net compensations and administrative and general expenses also declined by 26%, 28%, 14.7% respectively.

    The number of employees in national and foreign insurance companies during the third quarter of 2022 reached 2,167, of whom 1,813 are Omanis. This brings the Omanisation rate to 84%.

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