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Oman Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 59 pages

Includes 3 FREE quarterly updates

BMI View: We have made some modest changes to our Q2 2016 report update for the insurance sector ofOman largely owing to currency movements. In 2015, the insurance sector saw a modest decline in growthand we are expecting 2016 to be a positive year, with stable growth around 7.7% in the insurance market.The Omani life insurance segment is small and we expect it to grow by around 12.5% in US dollar termswith premiums inching towardsUSD60mn. The more developed non-life segment will witness slowercomparative growth around 7.4% in 2016 to USD989mn. Demand will be led primarily by Oman's strongmacroeconomic performance and the substantial expatriate community, which will account for the majorityof 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 onpricing in major basic lines such as property insurance.

Key Updates And Forecasts

- We are forecasting the life insurance market to grow by about 17.3% a year on average over the course ofour forecast period, following a significant decline in 2015. The market remains nascent by globalstandards, however, underwritten premiums will jump from an estimated USD60mn in 2016 to aroundUSD116mn in 2020.

- The non-life sector is considerably larger, with premiums of around USD989mn in 2016. Growth will,however, be slower than the life sector, with premiums increasing by 6% annually, on average, to reachUSD1.25bn in 2020.

Table Of Contents

Oman Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Oman 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Oman 2013-2020) 13
Table: Life Insurance Claims (Oman 2008-2015) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Oman 2013-2020) 17
Table: Non-Life Insurance Claims (Oman 2009-2015) 19
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Oman 2013-2020) 26
Industry Risk Reward Index 28
MENA Insurance Risk/Reward Index 28
Table: MENA Insurance Risk/Reward Index - Q216 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Oman Insurance Market Share, 2011-2013 (USDmn) 34
Company Profile 37
American International Group (AIG) 37
AXA 39
Dhofar Insurance 41
Life Insurance Corporation Of India 44
MetLife 46
National Life and General Insurance Company 48
Oman United Insurance Company 51
Methodology 53
Industry Forecast Methodology 53
Risk/Reward Index Methodology 56
Table: Indicators 58
Table: Weighting of Indicators 59

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