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Oman Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 58 pages

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.

Table Of Contents

Oman Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Oman 2012-2019) . 5
SWOT 6
Insurance . 6
Industry Forecast . 8
Life Premiums Forecast 8
Table: Life Premiums (Oman 2012-2019) . . 11
Table: Life Insurance Claims (Oman 2012-2013) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Oman 2012-2019) 15
Table: Non-Life Insurance Claims (Oman 2012-2013) 17
Non-Life Sub-Sector Forecast .. 17
Table: Non-Life Insurance Premiums By Product Line (Oman 2012-2019) 25
Industry Risk Reward Index 26
MENA Insurance Risk/Reward Index .. 26
Table: MENA Insurance Risk/Reward Index . . 27
Market Overview 28
Life Market Overview . 28
The Product Offering 28
The Competitive Landscape 29
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 33
Table: Oman Insurance Market Share, 2011-2013 (USDmn) 33
Company Profile . 36
American International Group (AIG) .. 36
AXA 38
Dhofar Insurance 40
Life Insurance Corporation Of India .. 43
MetLife .. 45
National Life and General Insurance Company 47
Oman United Insurance Company .. 50
Methodology . 52
Industry Forecast Methodology . 52
Risk/Reward Index Methodology 55
Table: Indicators . 57
Table: Weighting of Indicators . 58

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