The Insurance Industry in Oman, Key Trends and Opportunities to 2022


The Insurance Industry in Oman, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Oman, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Omani insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Omani economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Omani insurance industry, including -
- The Omani insurance industry's growth prospects by segment and category
- A comprehensive overview of the Omani economy and demographics
- Details of the competitive landscape in the Omani insurance industry
- The various distribution channels in the Omani insurance industry
- Details of regulatory policy applicable to the Omani insurance industry
- Analysis of natural hazards in the Omani insurance industry

Key Highlights

- In May 2018, the CMA organized a workshop for the implementation of IFRS 17 on issuing insurance contracts.
- As of 2017, there were two domestic reinsurers operating in the country: Oman Re and Trust Re.
- On November 8, 2016, the Oman Chamber of Commerce and Industry issued a notice to all private companies to provide compulsory health insurance to their employees.
- In 2016, the CMA and the College of Banking and Financial Studies (CBFS) signed a contract to train Omani employees in the insurance industry.

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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Omani insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Oman.
- 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 market data related to the Omani insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Omani insurance industry.
- Assess the competitive dynamics in the Omani insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Omani insurance industry and their impact on companies and the industry's future.

Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 14
4 INDUSTRY OUTLOOK 22
    4.1 Industry Indicators 23
      4.1.1 Gross written premium 23
      4.1.2 Direct written premium 24
      4.1.3 Insurance density 25
      4.1.4 Active policies 26
      4.1.5 Paid claims 27
5 LIFE INSURANCE OUTLOOK 28
    5.1 Segment Indicators 29
      5.1.1 Gross written premium 29
      5.1.2 Direct written premium 30
      5.1.3 Active policies 31
      5.1.4 Paid claims 32
      5.1.5 Penetration 33
      5.1.6 Assets and investments 34
    5.2 Individual Life Insurance 35
      5.2.1 Gross written premium 35
      5.2.2 Active policies 36
      5.2.3 Penetration 37
    5.3 Group Life Insurance 38
      5.3.1 Gross written premium 38
      5.3.2 Active policies 39
      5.3.3 Penetration 40
6 GENERAL INSURANCE OUTLOOK 41
    6.1 Segment Indicators 42
      6.1.1 Gross written premium 42
      6.1.2 Direct written premium 43
      6.1.3 Active policies 44
      6.1.4 Paid claims 45
      6.1.5 Penetration 46
      6.1.6 Loss ratio 47
      6.1.7 Assets and investments 48
    6.2 Property Insurance 49
      6.2.1 Gross written premium 49
      6.2.2 Active policies 50
      6.2.3 Penetration 51
      6.2.4 Claims 52
      6.2.5 Profitability 53
    6.3 Motor Insurance 54
      6.3.1 Gross written premium 54
      6.3.2 Active policies 55
      6.3.3 Penetration 56
      6.3.4 Claims 57
      6.3.5 Profitability 58
    6.4 Liability Insurance 59
      6.4.1 Gross written premium 59
      6.4.2 Active policies 60
      6.4.3 Penetration 61
      6.4.4 Claims 62
      6.4.5 Profitability 63
    6.5 Marine, Aviation and Transit Insurance 64
      6.5.1 Gross written premium 64
      6.5.2 Active policies 65
      6.5.3 Penetration 66
      6.5.4 Claims 67
      6.5.5 Profitability 68
    6.6 Personal Accident and Health Insurance 69
      6.6.1 Gross written premium 69
      6.6.2 Active policies 70
      6.6.3 Penetration 71
      6.6.4 Claims 72
      6.6.5 Profitability 73
    6.7 Miscellaneous 74
      6.7.1 Gross written premium 74
      6.7.2 Active policies 75
      6.7.3 Penetration 76
      6.7.4 Claims 77
      6.7.5 Profitability 78
7 REINSURANCE OUTLOOK 79
    7.1 Premium Ceded 80
8 DISTRIBUTION CHANNEL OUTLOOK 83
9 NATURAL AND MAN-MADE HAZARDS 85
    9.1 Flooding 85
    9.2 Storms 85
    9.3 Epidemics 85
    9.4 Exposure 86
10 COMPETITIVE LANDSCAPE 87
    10.1 Company Profiles 91
      10.1.1 National Life & General Insurance Company - company overview 91
      10.1.2 Dhofar Insurance Company - company overview 91
      10.1.3 Oman United Insurance Company - company overview 91
      10.1.4 Al Madina Insurance Company SAOG - company overview 91
      10.1.5 Al Ahlia Insurance Company - company overview 92
11 GOVERNANCE, RISK AND COMPLIANCE 93
    11.1 Legislation Overview and Historical Evolution 94
    11.2 Latest Changes in Regulation 95
    11.3 Legislation and Market Practice by Type of Insurance 99
      11.3.1 Life Insurance 99
      11.3.2 Property Insurance 100
      11.3.3 Motor Insurance 102
      11.3.4 Liability insurance 105
      11.3.5 Marine, aviation and transit insurance 105
      11.3.6 Personal accident and health insurance 105
    11.4 Compulsory Insurance 107
      11.4.1 Motor third party liability insurance 107
      11.4.2 Workers’ compensation insurance 107
    11.5 Supervision and Control 109
      11.5.1 International Association of Insurance Supervisors 109
      11.5.2 Capital Market Authority 110
      11.5.3 Oman Insurance Association 110
    11.6 Non-Admitted Insurance Regulation 111
      11.6.1 Overview 111
      11.6.2 Intermediaries 111
      11.6.3 Market practices 111
      11.6.4 Fines and Penalties 111
    11.7 Company Registration and Operations 112
      11.7.1 Type of insurance organization 112
      11.7.2 Establishing a local company 113
      11.7.3 Foreign ownership 113
      11.7.4 Types of license 114
      11.7.5 Capital requirements 115
      11.7.6 Solvency margin 115
      11.7.7 Reserve requirements 115
      11.7.8 Investment regulations 116
      11.7.9 Statutory return requirements 117
      11.7.10 Fee structure 117
    11.8 Taxation 118
      11.8.1 Insurance premium or policy taxation 118
      11.8.2 Withholding taxes on premium paid overseas 118
      11.8.3 Corporate tax 118
      11.8.4 VAT 119
      11.8.5 Captives 119
    11.9 Legal System 120
      11.9.1 Introduction 120
      11.9.2 Access to court 120
      11.9.3 Alternative dispute resolution (ADR) 121
12 DATABOOK 122
    12.1 Life Insurance 122
      12.1.1 Policies and premium 122
      12.1.2 Claims and expenses 123
      12.1.3 Assets and investments 123
      12.1.4 Individual life insurance 124
      12.1.5 Group life insurance 124
    12.2 General Insurance 125
      12.2.1 Policies and premium 125
      12.2.2 Claims and expenses 126
      12.2.3 Assets and investments 126
      12.2.4 Property insurance 127
      12.2.5 Property insurance by category 128
      12.2.6 Motor insurance 129
      12.2.7 Motor insurance by category 130
      12.2.8 Liability insurance 131
      12.2.9 Marine, aviation and transit insurance 132
      12.2.10 Marine, aviation and transit Insurance by category 133
      12.2.11 Personal accident and health insurance 134
      12.2.12 Personal accident and health insurance by category 135
      12.2.13 Miscellaneous 136
13 DEFINITIONS AND METHODOLOGY 137
    13.1 Definitions 137
    13.2 Methodology 139
14 ABOUT GLOBALDATA 141
    14.1 Contact GlobalData 141
    14.2 About GlobalData 141
    14.3 GlobalData’s Services 142
    14.4 Disclaimer 143







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