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Synopsis

The report provides in-depth industry analysis, information and insights of the insurance industry in Oman, including:
• The Omani insurance industry’s growth prospects by insurance segments and categories
• The competitive landscape in the Omani insurance industry
• The current trends and drivers of the Omani insurance industry
• Challenges facing the Omani insurance industry
• The regulatory framework of the Omani insurance industry
• A benchmarking section on the Omani insurance industry in comparison to other countries in the Middle East region

Summary

The Omani insurance industry is the fourth-largest insurance industry, in terms of written premium, in the GCC region. However, compared to other developed insurance industries such as the UK, Japan and China, Oman has a small insurance industry in gross written premium terms. The Omani insurance industry is similar to that of Qatar and Bahrain, but smaller than other neighboring industries such as the UAE and Kuwait. The industry is expected to grow over the forecast period as the country’s energy sector continues to finance infrastructure projects. Such large investment will positively influence the industry over the forecast period. There were 22 operational insurers and one takaful insurer in 2012: 12 non-life companies, two life companies, eight composite companies. Of these 22 insurers, 11 are domestic and the rest are foreign.

Scope

This report provides a comprehensive analysis of the insurance industry in Oman:
• It provides historical values for the Omani insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period.
• It offers a detailed analysis of the key segments and categories in the Omani insurance industry, along with forecasts until 2017.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
• It profiles the top insurance companies in Oman, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast industry data related in the Omani insurance industry and each segment within it.
• Understand the demand-side dynamics, key trends and growth opportunities within the Omani insurance industry.
• Assess the competitive dynamics in the Omani insurance industry.
• Identify the growth opportunities and market dynamics within key segments.
• Gain insights into key regulations governing the Omani insurance industry and its impact on companies and the industry's future.

Key Highlights

• The non-life segment accounted for 73.9% of the industry’s written premium in 2012.
• Oman allows 70% foreign direct investment (FDI) in the insurance industry, and the entry of foreign companies increased competitiveness.
• The mandatory nature of motor liability insurance, coupled with growth in the construction industry, supported the growth of motor and property insurance during the review period.
• Government infrastructure expenditure is expected to support the non-life insurance segment over the forecast period.
• As of 2011, there were 11 domestic and 11 foreign insurance companies operating, alongside one Takaful insurance company.
• The popularity of Takaful insurance is expected to be a challenge to conventional insurance in Oman.

Table Of Contents

Insurance Industry in Oman, Key Trends and Opportunities to 2017
Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Personal Accident and Health Insurance - Regional Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 Omani Insurance Industry Overview
4.1 Omani Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
4.4 Regulation
5 Industry Segmentation
5.1 Life Insurance
5.2 Non-Life Insurance
5.2.1 Property insurance
5.2.2 Motor insurance
5.2.3 Liability insurance
5.2.4 Marine, Aviation and Transit insurance
5.3 Personal Accident and Health Insurance
5.4 Reinsurance
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Dhofar Insurance Company - company overview
6.2.2 National Life and General Insurance Company - company overview
6.2.3 Al Ahlia Insurance - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US dollar)
7.2 GDP Per Capita at Constant Prices (US dollar)
7.3 GDP at Current Prices (US dollar)
7.4 GDP Per Capita at Current Prices (US dollar)
7.5 Construction net Output at Current Prices, (US dollar)
7.6 Construction net Output at Current Prices as a Percentage of GDP
7.7 Inflation Rate
7.8 Labor Force
7.9 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Middle East Region - Insurance Penetration (% of GDP), 2011
Table 3: Middle East Region - Life Expectancy, 2000 and 2012
Table 4: Omani Insurance Overall Written Premium by Segment (OMR Million), 2008-2012
Table 5: Omani Insurance Overall Written Premium by Segment (USD Million), 2008-2012
Table 6: Omani Insurance Overall Written Premium by Segment (OMR Million), 2012-2017
Table 7: Omani Insurance Overall Written Premium by Segment (USD Million), 2012-2017
Table 8: Omani Insurance Segmentation (% Share), 2008-2017
Table 9: Omani Life Insurance - Gross Written Premium (OMR Million), 2008-2012
Table 10: Omani Life Insurance- Gross Written Premium (OMR Million), 2012-2017
Table 11: Omani Life Insurance - Paid Claims (OMR Million), 2008-2012
Table 12: Omani Life Insurance - Paid Claims (OMR Million), 2012-2017
Table 13: Omani Life Insurance - Incurred Loss (OMR Million), 2008-2012
Table 14: Omani Life Insurance - Incurred Loss (OMR Million), 2012-2017
Table 15: Omani Life Insurance - Loss Ratio (%), 2008-2012
Table 16: Omani Life Insurance - Loss Ratio (%), 2012-2017
Table 17: Omani Life Insurance - Combined Ratio (%), 2008-2012
Table 18: Omani Life Insurance - Combined Ratio (%), 2012-2017
Table 19: Omani Life Insurance - Total Assets (OMR Million), 2008-2012
Table 20: Omani Life Insurance - Total Assets (OMR Million), 2012-2017
Table 21: Omani Life Insurance - Total Investment Income (OMR Million), 2008-2012
Table 22: Omani Life Insurance - Total Investment Income (OMR Million), 2012-2017
Table 23: Omani Life Insurance - Retentions (OMR Million), 2008-2012
Table 24: Omani Life Insurance - Retentions (OMR Million), 2012-2017
Table 25: Omani Non-Life Insurance - Written Premium by Category (OMR Million), 2008-2012
Table 26: Omani Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 27: Omani Non-Life Insurance - Written Premium by Category (OMR Million), 2012-2017
Table 28: Omani Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 29: Omani Non-Life Insurance - Paid Claims (OMR Million), 2008-2012
Table 30: Omani Non-Life Insurance - Paid Claims (OMR Million), 2012-2017
Table 31: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2008-2012
Table 32: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2012-2017
Table 33: Omani Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 34: Omani Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 35: Omani Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 36: Omani Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 37: Omani Non-Life Insurance - Total Assets (OMR Million), 2008-2012
Table 38: Omani Non-Life Insurance - Total Assets (OMR Million), 2012-2017
Table 39: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2008-2012
Table 40: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2012-2017
Table 41: Omani Non-Life Insurance - Retentions (OMR Million), 2008-2012
Table 42: Omani Non-Life Insurance - Retentions (OMR Million), 2012-2017
Table 43: Omani Property Insurance - Written Premium (OMR Million), 2008-2012
Table 44: Omani Property Insurance - Written Premium (OMR Million), 2012-2017
Table 45: Omani Motor Insurance - Written Premium (OMR Million), 2008-2012
Table 46: Omani Motor Insurance - Written Premium (OMR Million), 2012-2017
Table 47: Omani Liability Insurance - Written Premium (OMR Million), 2008-2012
Table 48: Omani Liability Insurance - Written Premium (OMR Million), 2012-2017
Table 49: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2008-2012
Table 50: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2012-2017
Table 51: Omani Personal Accident and Health Insurance - Gross Written Premium (OMR Million), 2008-2012
Table 52: Omani Personal Accident and Health Insurance- Gross Written Premium (OMR Million), 2012-2017
Table 53: Omani Personal Accident and Health Insurance - Paid Claim (OMR Million), 2008-2012
Table 54: Omani Personal Accident and Health Insurance - Paid Claim (OMR Million), 2012-2017
Table 55: Omani Personal Accident and Health Insurance - Incurred Loss (OMR Million), 2008-2012
Table 56: Omani Personal Accident and Health Insurance - Incurred Loss (OMR Million), 2012-2017
Table 57: Omani Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 58: Omani Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 59: Omani Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 60: Omani Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 61: Omani Personal Accident and Health Insurance - Total Assets (OMR Million), 2008-2012
Table 62: Omani Personal Accident and Health Insurance - Total Assets (OMR Million), 2012-2017
Table 63: Omani Personal Accident and Health Insurance - Total Investment Income (OMR Million), 2008-2012
Table 64: Omani Personal Accident and Health Insurance - Total Investment Income (OMR Million), 2012-2017
Table 65: Omani Personal Accident and Health Insurance - Retentions (OMR Million), 2008-2012
Table 66: Omani Personal Accident and Health Insurance - Retentions (OMR Million), 2012-2017
Table 67: Omani Reinsurance Ceded by Insurance Segment (OMR Million), 2008-2012
Table 68: Omani Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 69: Omani Reinsurance Ceded by Insurance Segment (OMR Million), 2012-2017
Table 70: Omani Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 71: Omani Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 72: Omani Life Insurance - Percentage of Reinsurance Ceded (%),2012-2017
Table 73: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 74: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 75: Omani Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 76: Omani Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 77: Dhofar Insurance Company, Main Products
Table 78: Dhofar Insurance Company,Key Employees
Table 79: National Life and General Insurance Company, Main Products
Table 80: National Life and General Insurance Company, Key Employees
Table 81: Al Ahlia Insurance, Main Products
Table 82: Al Ahlia Insurance, Key Employees

List of Figures

Figure 1: Middle East Region - Economies and Populations, 2011
Figure 2: Middle East Region - Growth Trends in the Insurance Industry
Figure 3: Middle East Region - Total Insurance Industry by Type of Insurance (US$ Billion), 2011
Figure 4: Middle East Comparison - Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 5: Middle East Comparison - Life Insurance Premium Per Capita (US$), 2011
Figure 6: Middle East Comparison - Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 7: Middle East Comparison - Life Insurance Gross Written Premium Growth (%), 2007-2016
Figure 8: Middle East Comparison - Life Insurance Gross Written Premium Per Capita Growth (%), 2007-2016
Figure 9: Middle East Comparison - Life Insurance Loss Ratio (%), 2011 and 2016
Figure 10: Middle East Comparison - Life Insurance Combined Ratio (%), 2011 and 2016
Figure 11: Middle East Comparison - Life Insurance Incurred Losses Per Capita (US$), 2011 and 2016
Figure 12: Middle East Comparison - Life Insurance Incurred Losses as a share of GDP (%), 2011 and 2016
Figure 13: Middle East Comparison - Non-Life Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 14: Middle East Comparison - Non-Life Insurance Premium Per Capita (US$), 2011
Figure 15: Middle East Comparison - Non-Life Insurance Penetration (% of GDP), 2011 and 2016
Figure 16: Middle East Comparison - Non-Life Insurance Gross Written Premium Growth (%), 2007-2016
Figure 17: Middle East Comparison - Non-Life Insurance Gross Written Premium Per Capita Growth (%), 2007-2016
Figure 18: Middle East Comparison - Non-Life Insurance Loss Ratio (%), 2011 and 2016
Figure 19: Middle East Comparison - Non-Life Insurance Combined Ratio (%), 2011 and 2016
Figure 20: Middle East Comparison - Non-Life Insurance Incurred Losses Per Capita (US$), 2011 and 2016
Figure 21: Middle East Comparison - Non-Life Insurance Incurred Losses Per GDP (%), 2011 and 2016
Figure 22: Middle East Comparison - Personal Accident and Health Insurance Segment Gross Written Premium (US$ Billion), 2011
Figure 23: Middle East Comparison - Personal Accident and Health Insurance Premium Per Capita (US$), 2011
Figure 24: Middle East Comparison - Personal Accident and Health Insurance Penetration (% of GDP), 2011 and 2016
Figure 25: Middle East Comparison - Personal Accident and Health Insurance Gross Written Premium Growth (%), 2007-2016
Figure 26: Middle East Comparison - Personal Accident and Health Insurance Gross Written Premium Per Capita Growth (%), 2007-2016
Figure 27: Middle East Comparison - Personal Accident and Health Insurance Loss Ratio (%), 2011 and 2016
Figure 28: Middle East Comparison - Personal Accident and Health Insurance Incurred Losses Per Capita (US$), 2011 and 2016
Figure 29: Middle East Comparison - Personal Accident and Health Insurance Incurred Losses as a Share of GDP (%), 2011 and 2016
Figure 30: Omani Insurance Overall Written Premium by Segment (OMR Million), 2008-2017
Figure 31: Omani Insurance Market Dynamics by Segment, 2008-2017
Figure 32: Omani Life Insurance - Gross Written Premium (OMR Million), 2008-2012
Figure 33: Omani Life Insurance - Gross Written Premium (OMR Million), 2012-2017
Figure 34: Omani Life Insurance - Paid Claims (OMR Million), 2008-2012
Figure 35: Omani Life Insurance - Paid Claims (OMR Million), 2012-2017
Figure 36: Omani Life Insurance - Incurred Loss (OMR Million), 2008-2012
Figure 37: Omani Life Insurance - Incurred Loss (OMR Million), 2012-2017
Figure 38: Omani Life Insurance - Loss Ratio (%), 2008-2012
Figure 39: Omani Life Insurance - Loss Ratio (%), 2012-2017
Figure 40: Omani Life Insurance - Combined Ratio (%), 2008-2012
Figure 41: Omani Life Insurance - Combined Ratio (%), 2012-2017
Figure 42: Omani Life Insurance - Total Assets (OMR Million), 2008-2012
Figure 43: Omani Life Insurance - Total Assets (OMR Million), 2012-2017
Figure 44: Omani Life Insurance - Total Investment Income (OMR Million), 2008-2012
Figure 45: Omani Life Insurance - Total Investment Income (OMR Million), 2012-2017
Figure 46: Omani Life Insurance - Retentions (OMR Million), 2008-2012
Figure 47: Omani Life Insurance - Retentions (OMR Million), 2012-2017
Figure 48: Omani Life Insurance - Investment (OMR Million), 2008-2012
Figure 49: Omani Life Insurance - Penetration (%), 2008-2012
Figure 50: Omani Life Insurance - Premium Per-capita (OMR), 2008-2012
Figure 51: Omani Non-Life Insurance - Written Premium by Category (OMR Million), 2008-2017
Figure 52: Omani Non-Life Insurance - Written Premium by Category (%), 2012 and 2017
Figure 53: Omani Non-Life Insurance - Dynamics by Category, 2008-2017
Figure 54: Omani Non-Life Insurance - Paid Claims (OMR Million), 2008-2012
Figure 55: Omani Non-Life Insurance - Paid Claims (OMR Million), 2012-2017
Figure 56: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2008-2012
Figure 57: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2012-2017
Figure 58: Omani Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 59: Omani Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 60: Omani Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 61: Omani Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 62: Omani Non-Life Insurance - Total Assets (OMR Million), 2008-2012
Figure 63: Omani Non-Life Insurance - Total Assets (OMR Million), 2012-2017
Figure 64: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2008-2012
Figure 65: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2012-2017
Figure 66: Omani Non-Life Insurance - Retentions (OMR Million), 2008-2012
Figure 67: Omani Non-Life Insurance - Retentions (US$ Million), 2012-2017
Figure 68: Omani Non-Life Insurance - Investment (OMR Million), 2008-2012
Figure 69: Omani Non-Life Insurance Penetration (%), 2008-2012
Figure 70: Omani Non-Life Insurance - Premium Per Capita (OMR), 2008-2012
Figure 71: Omani Property Insurance - Written Premium (OMR Million), 2008-2012
Figure 72: Omani Property Insurance - Written Premium (OMR Million), 2012-2017
Figure 73: Omani Motor Insurance - Written Premium (OMR Million), 2008-2012
Figure 74: Omani Motor Insurance - Written Premium (OMR Million), 2012-2017
Figure 75: Omani Liability Insurance - Written Premium (OMR Million), 2008-2012
Figure 76: Omani Liability Insurance - Written Premium (OMR Million), 2012-2017
Figure 77: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2008-2012
Figure 78: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2012-2017
Figure 79: Omani Personal Accident and Health Insurance - Gross Written Premium (OMR Million), 2008-2012
Figure 80: Omani Personal Accident and Health Insurance - Gross Written Premium (OMR Million), 2012-2017
Figure 81: Omani Personal Accident and Health Insurance - Paid Claims by Category (OMR Million), 2008-2012
Figure 82: Omani Personal Accident and Health Insurance - Paid Claims (OMR Million), 2012-2017
Figure 83: Omani Personal Accident and Health Insurance - Incurred Loss (OMR Million), 2008-2012
Figure 84: Omani Personal Accident and Health Insurance - Incurred Loss (OMR Million), 2012-2017
Figure 85: Omani Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 86: Omani Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 87: Omani Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 88: Omani Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 89: Omani Personal Accident and Health Insurance - Total Assets (OMR Million), 2008-2012
Figure 90: Omani Personal Accident and Health Insurance - Total Assets (OMR Million), 2012-2017
Figure 91: Omani Personal Accident and Health Insurance - Total Investment Income (OMR Million), 2008-2012
Figure 92: Omani Personal Accident and Health Insurance - Total Investment Income (OMR Million), 2012-2017
Figure 93: Omani Personal Accident and Health Insurance - Retentions (OMR Million), 2008-2012
Figure 94: Omani Personal Accident and Health Insurance - Retentions (OMR Million), 2012-2017
Figure 95: Omani Personal Accident and Health Insurance - Investment (OMR Million), 2008-2012
Figure 96: Omani Personal Accident and Health Insurance Penetration (%), 2008-2012
Figure 97: Omani Personal Accident and Health Insurance - Premium Per Capita (OMR), 2008-2012
Figure 98: Omani Reinsurance Ceded by Insurance Segment (OMR Million), 2008-2017
Figure 99: Omani Reinsurance - Dynamics by Insurance Segment, 2008-2017
Figure 100: Omani Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 101: Omani Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 102: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 103: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 104: Omani Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 105: Omani Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 106: Omani GDP at Constant Prices (US$ Billion), 2007-2012
Figure 107: Omani GDP Per Capita at Constant Prices (US$), 2007-2012
Figure 108: Omani GDP at Current Prices (US$ Billion), 2007-2012
Figure 109: Omani GDP Per Capita at Current Prices (US$), 2007-2012
Figure 110: Omani Construction Net Output at Current Prices (US$ Billion), 2007- 2011
Figure 111: Omani Construction Output at Current Prices as a Percentage of GDP (%), 2007-2011
Figure 112: Omani Inflation Rate (%), 2007-2012
Figure 113: Omani Size of Labor Force in 15-59 Age Group (Million), 2007-2011
Figure 114: Omani Total Population (Million), 2007-2012

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