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

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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.

READ MORE

Table Of Content

Scope

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


List Of Figure

List of Figures

Figure 1: Omani Real GDP (OMR Billion), 2013-2022 15

Figure 2: Omani Exchange Rate (OMR per USD ), 2013-2022 17

Figure 3: Omani Consumer Price Inflation (%), 2013-2022 18

Figure 4: Omani Current Account Balance as Percentage of GDP (%), 2013-2022 19

Figure 5: Omani Unemployment Rate, 2013-2022 20

Figure 6: Omani Population by Age Group, 2013-2022 21

Figure 7: Omani Insurance Industry-Gross Written Premium (OMR Million), 2013-2022 23

Figure 8: Omani Insurance Industry-Direct Written Premium (OMR Million), 2013-2022 24

Figure 9: Omani Insurance Industry-Density (OMR), 2013-2022 25

Figure 10: Omani Insurance Industry-Number of Active Policies (Million), 2013-2022 26

Figure 11: Omani Insurance Industry-Paid Claims (OMR Million), 2013-2022 27

Figure 12: Omani Life Insurance-Gross Written Premium (OMR Million), 2013-2022 29

Figure 13: Omani Life Insurance-Direct Written Premium (OMR Million), 2013-2022 30

Figure 14: Omani Life Insurance-Number of Active Policies (Thousand), 2013-2022 31

Figure 15: Omani Life Insurance-Paid Claims (OMR Million), 2013-2022 32

Figure 16: Omani Life Insurance-Penetration (%), 2013-2017 33

Figure 17: Omani Life Insurance-Penetration (%), 2017-2022 33

Figure 18: Omani Life Insurance-Total Assets (OMR Million), 2013-2022 34

Figure 19: Omani Individual Life Insurance-Gross Written Premium (OMR Million), 2013-2022 35

Figure 20: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2013-2022 36

Figure 21: Omani Individual Life Insurance-Penetration (%), 2013-2017 37

Figure 22: Omani Individual Life Insurance-Penetration (%), 2017-2022 37

Figure 23: Omani Group Life Insurance-Gross Written Premium (OMR Million), 2013-2022 38

Figure 24: Omani Group Life Insurance-Number of Active Policies (Thousand), 2013-2022 39

Figure 25: Omani Group Life Insurance-Penetration (%), 2013-2017 40

Figure 26: Omani Group Life Insurance-Penetration (%), 2017-2022 40

Figure 27: Omani General Insurance-Gross Written Premium (OMR Million), 2013-2022 42

Figure 28: Omani General Insurance-Direct Written Premium (OMR Million), 2013-2022 43

Figure 29: Omani General Insurance-Number of Active Policies (Million), 2013-2022 44

Figure 30: Omani General Insurance-Paid Claims (OMR Million), 2013-2022 45

Figure 31: Omani General Insurance-Penetration (%), 2013-2017 46

Figure 32: Omani General Insurance-Penetration (%), 2017-2022 46

Figure 33: Omani General Insurance-Loss Ratio (%), 2013-2017 47

Figure 34: Omani General Insurance-Loss Ratio (%), 2017-2022 47

Figure 35: Omani General Insurance-Total Assets (OMR Million), 2013-2022 48

Figure 36: Omani Property Insurance-Gross Written Premium (OMR Million), 2013-2022 49

Figure 37: Omani Property Insurance-Number of Active Policies (Thousand), 2013-2022 50

Figure 38: Omani Property Insurance-Penetration (%), 2013-2017 51

Figure 39: Omani Property Insurance-Penetration (%), 2017-2022 51

Figure 40: Omani Property Insurance-Paid Claims (OMR Million), 2013-2022 52

Figure 41: Omani Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 53

Figure 42: Omani Motor Insurance-Gross Written Premium (OMR Million), 2013-2022 54

Figure 43: Omani Motor Insurance-Number of Active Policies (Million), 2013-2022 55

Figure 44: Omani Motor Insurance-Penetration (%), 2013-2017 56

Figure 45: Omani Motor Insurance-Penetration (%), 2017-2022 56

Figure 46: Omani Motor Insurance-Paid Claims (OMR Million), 2013-2022 57

Figure 47: Omani Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 58

Figure 48: Omani Liability Insurance-Gross Written Premium (OMR Million), 2013-2022 59

Figure 49: Omani Liability Insurance-Number of Active Policies (Thousand), 2013-2022 60

Figure 50: Omani Liability Insurance-Penetration (%), 2013-2017 61

Figure 51: Omani Liability Insurance-Penetration (%), 2017-2022 61

Figure 52: Omani Liability Insurance-Paid Claims (OMR Million), 2013-2022 62

Figure 53: Omani Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 63

Figure 54: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million), 2013-2022 64

Figure 55: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2022 65

Figure 56: Omani Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 66

Figure 57: Omani Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 66

Figure 58: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million), 2013-2022 67

Figure 59: Omani Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 68

Figure 60: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million), 2013-2022 69

Figure 61: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022 70

Figure 62: Omani Personal Accident and Health Insurance-Penetration (%), 2013-2017 71

Figure 63: Omani Personal Accident and Health Insurance-Penetration (%), 2017-2022 71

Figure 64: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million), 2013-2022 72

Figure 65: Omani Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 73

Figure 66: Omani Miscellaneous-Gross Written Premium (OMR Million), 2013-2022 74

Figure 67: Omani Miscellaneous-Number of Active Policies (Thousand), 2013-2022 75

Figure 68: Omani Miscellaneous-Penetration (%), 2013-2017 76

Figure 69: Omani Miscellaneous-Penetration (%), 2017-2022 76

Figure 70: Omani Miscellaneous-Paid Claims (OMR Million), 2013-2022 77

Figure 71: Omani Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 78

Figure 72: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2013-2022 81

Figure 73: Omani Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 82

Figure 74: Omani General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 82

Figure 75: Omani Insurance Industry-Market Shares of Leading Insurers (%), 2017 88

Figure 76: Omani Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 89

Figure 77: Omani General Insurance Segment-Market Shares of Leading Insurers (%), 2017 90

Figure 78: Oman-Insurance Supervision and Control at Various Levels 109

Figure 79: Oman-Insurance Regulatory Frameworks for Company Registration and Operation 112


List Of Table

List of Tables

Table 1: Omani Insurance Industry-Key Facts, 2017 2

Table 2: Omani Insurance Industry-Industry Shares of the Top Insurers, 2017 2

Table 3: Omani Government Credit Ratings 16

Table 4: Omani Insurance Industry-Gross Written Premium (OMR Million and USD Billion), 2013-2017 23

Table 5: Omani Insurance Industry-Gross Written Premium (OMR Million and USD Billion), 2017-2022 23

Table 6: Omani Insurance Industry-Direct Written Premium (OMR Million and USD Billion), 2013-2017 24

Table 7: Omani Insurance Industry-Direct Written Premium (OMR Million and USD Billion), 2017-2022 24

Table 8: Omani Insurance Industry-Density (OMR), 2013-2017 25

Table 9: Omani Insurance Industry-Density (OMR), 2017-2022 25

Table 10: Omani Insurance Industry-Number of Active Policies (Million), 2013-2017 26

Table 11: Omani Insurance Industry-Number of Active Policies (Million), 2017-2022 26

Table 12: Omani Insurance Industry-Paid Claims (OMR Million and USD Million), 2013-2017 27

Table 13: Omani Insurance Industry-Paid Claims (OMR Million and USD Million), 2017-2022 27

Table 14: Omani Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 29

Table 15: Omani Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 29

Table 16: Omani Life Insurance-Direct Written Premium (OMR Million and USD Million), 2013-2017 30

Table 17: Omani Life Insurance-Direct Written Premium (OMR Million and USD Million), 2017-2022 30

Table 18: Omani Life Insurance-Number of Active Policies (Thousand), 2013-2017 31

Table 19: Omani Life Insurance-Number of Active Policies (Thousand), 2017-2022 31

Table 20: Omani Life Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 32

Table 21: Omani Life Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 32

Table 22: Omani Life Insurance-Total Assets (OMR Million and USD Million), 2013-2017 34

Table 23: Omani Life Insurance-Total Assets (OMR Million and USD Million), 2017-2022 34

Table 24: Omani Individual Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 35

Table 25: Omani Individual Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 35

Table 26: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2013-2017 36

Table 27: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2017-2022 36

Table 28: Omani Group Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 38

Table 29: Omani Group Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 38

Table 30: Omani Group Life Insurance-Number of Active Policies (Thousand), 2013-2017 39

Table 31: Omani Group Life Insurance-Number of Active Policies (Thousand), 2017-2022 39

Table 32: Omani General Insurance-Gross Written Premium (OMR Million and USD Billion), 2013-2017 42

Table 33: Omani General Insurance-Gross Written Premium (OMR Million and USD Billion), 2017-2022 42

Table 34: Omani General Insurance-Direct Written Premium (OMR Million and USD Billion), 2013-2017 43

Table 35: Omani General Insurance-Direct Written Premium (OMR Million and USD Billion), 2017-2022 43

Table 36: Omani General Insurance-Number of Active Policies (Million), 2013-2017 44

Table 37: Omani General Insurance-Number of Active Policies (Million), 2017-2022 44

Table 38: Omani General Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 45

Table 39: Omani General Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 45

Table 40: Omani General Insurance-Total Assets (OMR Million and USD Billion), 2013-2017 48

Table 41: Omani General Insurance-Total Assets (OMR Million and USD Billion), 2017-2022 48

Table 42: Omani Property Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 49

Table 43: Omani Property Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 49

Table 44: Omani Property Insurance-Number of Active Policies (Thousand), 2013-2017 50

Table 45: Omani Property Insurance-Number of Active Policies (Thousand), 2017-2022 50

Table 46: Omani Property Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 52

Table 47: Omani Property Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 52

Table 48: Omani Property Insurance-Loss Ratio (%), 2013-2017 53

Table 49: Omani Property Insurance-Loss Ratio (%), 2017-2022 53

Table 50: Omani Motor Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 54

Table 51: Omani Motor Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 54

Table 52: Omani Motor Insurance-Number of Active Policies (Million), 2013-2017 55

Table 53: Omani Motor Insurance-Number of Active Policies (Million), 2017-2022 55

Table 54: Omani Motor Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 57

Table 55: Omani Motor Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 57

Table 56: Omani Motor Insurance-Loss Ratio (%), 2013-2017 58

Table 57: Omani Motor Insurance-Loss Ratio (%), 2017-2022 58

Table 58: Omani Liability Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 59

Table 59: Omani Liability Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 59

Table 60: Omani Liability Insurance-Number of Active Policies (Thousand), 2013-2017 60

Table 61: Omani Liability Insurance-Number of Active Policies (Thousand), 2017-2022 60

Table 62: Omani Liability Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 62

Table 63: Omani Liability Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 62

Table 64: Omani Liability Insurance-Loss Ratio (%), 2013-2017 63

Table 65: Omani Liability Insurance-Loss Ratio (%), 2017-2022 63

Table 66: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 64

Table 67: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 64

Table 68: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2017 65

Table 69: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2017-2022 65

Table 70: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 67

Table 71: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 67

Table 72: Omani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017 68

Table 73: Omani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022 68

Table 74: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 69

Table 75: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 69

Table 76: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017 70

Table 77: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022 70

Table 78: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 72

Table 79: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 72

Table 80: Omani Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017 73

Table 81: Omani Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022 73

Table 82: Omani Miscellaneous-Gross Written Premium (OMR Million and USD Million), 2013-2017 74

Table 83: Omani Miscellaneous-Gross Written Premium (OMR Million and USD Million), 2017-2022 74

Table 84: Omani Miscellaneous-Number of Active Policies (Thousand), 2013-2017 75

Table 85: Omani Miscellaneous-Number of Active Policies (Thousand), 2017-2022 75

Table 86: Omani Miscellaneous-Paid Claims (OMR Million and USD Million), 2013-2017 77

Table 87: Omani Miscellaneous-Paid Claims (OMR Million and USD Million), 2017-2022 77

Table 88: Omani Miscellaneous-Loss Ratio (%), 2013-2017 78

Table 89: Omani Miscellaneous-Loss Ratio (%), 2017-2022 78

Table 90: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2013-2017 80

Table 91: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2017-2022 80

Table 92: Omani Insurance Industry-Market Shares of Leading Insurers (%), 2017 88

Table 93: Omani Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 89

Table 94: Omani General Insurance Segment-Market Shares of Leading Insurers (%), 2017 90

Table 95: National Life & General Insurance Company-Key Facts 91

Table 96: Dhofar Insurance Company-Key Facts 91

Table 97: Oman United Insurance Company-Key Facts 91

Table 98: Al Madina Insurance Company SAOG-Key Facts 92

Table 99: Al Ahlia Insurance Company-Key Facts 92

Table 100: Oman-Insurance Regulatory Framework Key Features 93

Table 101: Oman-Life Insurance Regulatory Framework 99

Table 102: Oman-Property Insurance Regulatory Framework 100

Table 103: Oman-Motor Insurance Regulatory Framework 102

Table 104: Oman-No-Claims Discount Percentages for Comprehensive and Third-Party Insurance 103

Table 105: Oman-Liability Insurance Regulatory Framework 105

Table 106: Oman-Corporate Tax Rates for the Financial Year 2018 118

Table 107: Omani Life Insurance-Policies and Premium, 2013-2017 122

Table 108: Omani Life Insurance-Policies and Premium, 2017-2022 122

Table 109: Omani Life Insurance-Claims and Expenses, 2013-2017 123

Table 110: Omani Life Insurance-Claims and Expenses, 2017-2022 123

Table 111: Omani Life Insurance-Assets and Investments, 2013-2017 123

Table 112: Omani Life Insurance-Assets and Investments, 2017-2022 123

Table 113: Omani Life Insurance-Individual Life Insurance, 2013-2017 124

Table 114: Omani Life Insurance-Individual Life Insurance, 2017-2022 124

Table 115: Omani Life Insurance-Group Life Insurance, 2013-2017 124

Table 116: Omani Life Insurance-Group Life Insurance, 2017-2022 124

Table 117: Omani General Insurance-Policies and Premium, 2013-2017 125

Table 118: Omani General Insurance-Policies and Premium, 2017-2022 125

Table 119: Omani General Insurance-Claims and Expenses, 2013-2017 126

Table 120: Omani General Insurance-Claims and Expenses, 2017-2022 126

Table 121: Omani General Insurance-Assets and Investments, 2013-2017 126

Table 122: Omani General Insurance-Assets and Investments, 2017-2022 126

Table 123: Omani General Insurance-Property Insurance, 2013-2017 127

Table 124: Omani General Insurance-Property Insurance, 2017-2022 127

Table 125: Omani General Insurance-Property Insurance by Category, 2013-2017 128

Table 126: Omani General Insurance-Property Insurance by Category, 2017-2022 128

Table 127: Omani General Insurance-Motor Insurance, 2013-2017 129

Table 128: Omani General Insurance-Motor Insurance, 2017-2022 129

Table 129: Omani General Insurance-Motor Insurance by Category, 2013-2017 130

Table 130: Omani General Insurance-Motor Insurance by Category, 2017-2022 130

Table 131: Omani General Insurance-Liability Insurance, 2013-2017 131

Table 132: Omani General Insurance-Liability Insurance, 2017-2022 131

Table 133: Omani General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 132

Table 134: Omani General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 132

Table 135: Omani General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 133

Table 136: Omani General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 133

Table 137: Omani General Insurance-Personal Accident and Health Insurance, 2013-2017 134

Table 138: Omani General Insurance-Personal Accident and Health Insurance, 2017-2022 134

Table 139: Omani General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 135

Table 140: Omani General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 135

Table 141: Omani General Insurance-Miscellaneous, 2013-2017 136

Table 142: Omani General Insurance-Miscellaneous, 2017-2022 136

Table 143: Insurance Industry Definitions 137

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Products

Omani insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

National Life Insurance and General

Dhofar Insurance

Oman United Insurance

Al Madina Takaful

Al Ahlia Insurance

The New India Assurance Company

Oman & Qatar Insurance

Axa Insurance

Muscat Insurance Company SAOG

Vision Insurance

Company Profile

Company Profile Title

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.

READ MORE

Scope

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


List Of Figure

List of Figures

Figure 1: Omani Real GDP (OMR Billion), 2013-2022 15

Figure 2: Omani Exchange Rate (OMR per USD ), 2013-2022 17

Figure 3: Omani Consumer Price Inflation (%), 2013-2022 18

Figure 4: Omani Current Account Balance as Percentage of GDP (%), 2013-2022 19

Figure 5: Omani Unemployment Rate, 2013-2022 20

Figure 6: Omani Population by Age Group, 2013-2022 21

Figure 7: Omani Insurance Industry-Gross Written Premium (OMR Million), 2013-2022 23

Figure 8: Omani Insurance Industry-Direct Written Premium (OMR Million), 2013-2022 24

Figure 9: Omani Insurance Industry-Density (OMR), 2013-2022 25

Figure 10: Omani Insurance Industry-Number of Active Policies (Million), 2013-2022 26

Figure 11: Omani Insurance Industry-Paid Claims (OMR Million), 2013-2022 27

Figure 12: Omani Life Insurance-Gross Written Premium (OMR Million), 2013-2022 29

Figure 13: Omani Life Insurance-Direct Written Premium (OMR Million), 2013-2022 30

Figure 14: Omani Life Insurance-Number of Active Policies (Thousand), 2013-2022 31

Figure 15: Omani Life Insurance-Paid Claims (OMR Million), 2013-2022 32

Figure 16: Omani Life Insurance-Penetration (%), 2013-2017 33

Figure 17: Omani Life Insurance-Penetration (%), 2017-2022 33

Figure 18: Omani Life Insurance-Total Assets (OMR Million), 2013-2022 34

Figure 19: Omani Individual Life Insurance-Gross Written Premium (OMR Million), 2013-2022 35

Figure 20: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2013-2022 36

Figure 21: Omani Individual Life Insurance-Penetration (%), 2013-2017 37

Figure 22: Omani Individual Life Insurance-Penetration (%), 2017-2022 37

Figure 23: Omani Group Life Insurance-Gross Written Premium (OMR Million), 2013-2022 38

Figure 24: Omani Group Life Insurance-Number of Active Policies (Thousand), 2013-2022 39

Figure 25: Omani Group Life Insurance-Penetration (%), 2013-2017 40

Figure 26: Omani Group Life Insurance-Penetration (%), 2017-2022 40

Figure 27: Omani General Insurance-Gross Written Premium (OMR Million), 2013-2022 42

Figure 28: Omani General Insurance-Direct Written Premium (OMR Million), 2013-2022 43

Figure 29: Omani General Insurance-Number of Active Policies (Million), 2013-2022 44

Figure 30: Omani General Insurance-Paid Claims (OMR Million), 2013-2022 45

Figure 31: Omani General Insurance-Penetration (%), 2013-2017 46

Figure 32: Omani General Insurance-Penetration (%), 2017-2022 46

Figure 33: Omani General Insurance-Loss Ratio (%), 2013-2017 47

Figure 34: Omani General Insurance-Loss Ratio (%), 2017-2022 47

Figure 35: Omani General Insurance-Total Assets (OMR Million), 2013-2022 48

Figure 36: Omani Property Insurance-Gross Written Premium (OMR Million), 2013-2022 49

Figure 37: Omani Property Insurance-Number of Active Policies (Thousand), 2013-2022 50

Figure 38: Omani Property Insurance-Penetration (%), 2013-2017 51

Figure 39: Omani Property Insurance-Penetration (%), 2017-2022 51

Figure 40: Omani Property Insurance-Paid Claims (OMR Million), 2013-2022 52

Figure 41: Omani Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 53

Figure 42: Omani Motor Insurance-Gross Written Premium (OMR Million), 2013-2022 54

Figure 43: Omani Motor Insurance-Number of Active Policies (Million), 2013-2022 55

Figure 44: Omani Motor Insurance-Penetration (%), 2013-2017 56

Figure 45: Omani Motor Insurance-Penetration (%), 2017-2022 56

Figure 46: Omani Motor Insurance-Paid Claims (OMR Million), 2013-2022 57

Figure 47: Omani Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 58

Figure 48: Omani Liability Insurance-Gross Written Premium (OMR Million), 2013-2022 59

Figure 49: Omani Liability Insurance-Number of Active Policies (Thousand), 2013-2022 60

Figure 50: Omani Liability Insurance-Penetration (%), 2013-2017 61

Figure 51: Omani Liability Insurance-Penetration (%), 2017-2022 61

Figure 52: Omani Liability Insurance-Paid Claims (OMR Million), 2013-2022 62

Figure 53: Omani Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 63

Figure 54: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million), 2013-2022 64

Figure 55: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2022 65

Figure 56: Omani Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 66

Figure 57: Omani Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 66

Figure 58: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million), 2013-2022 67

Figure 59: Omani Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 68

Figure 60: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million), 2013-2022 69

Figure 61: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022 70

Figure 62: Omani Personal Accident and Health Insurance-Penetration (%), 2013-2017 71

Figure 63: Omani Personal Accident and Health Insurance-Penetration (%), 2017-2022 71

Figure 64: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million), 2013-2022 72

Figure 65: Omani Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 73

Figure 66: Omani Miscellaneous-Gross Written Premium (OMR Million), 2013-2022 74

Figure 67: Omani Miscellaneous-Number of Active Policies (Thousand), 2013-2022 75

Figure 68: Omani Miscellaneous-Penetration (%), 2013-2017 76

Figure 69: Omani Miscellaneous-Penetration (%), 2017-2022 76

Figure 70: Omani Miscellaneous-Paid Claims (OMR Million), 2013-2022 77

Figure 71: Omani Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 2013-2022 78

Figure 72: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2013-2022 81

Figure 73: Omani Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 82

Figure 74: Omani General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 82

Figure 75: Omani Insurance Industry-Market Shares of Leading Insurers (%), 2017 88

Figure 76: Omani Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 89

Figure 77: Omani General Insurance Segment-Market Shares of Leading Insurers (%), 2017 90

Figure 78: Oman-Insurance Supervision and Control at Various Levels 109

Figure 79: Oman-Insurance Regulatory Frameworks for Company Registration and Operation 112


List Of Table

List of Tables

Table 1: Omani Insurance Industry-Key Facts, 2017 2

Table 2: Omani Insurance Industry-Industry Shares of the Top Insurers, 2017 2

Table 3: Omani Government Credit Ratings 16

Table 4: Omani Insurance Industry-Gross Written Premium (OMR Million and USD Billion), 2013-2017 23

Table 5: Omani Insurance Industry-Gross Written Premium (OMR Million and USD Billion), 2017-2022 23

Table 6: Omani Insurance Industry-Direct Written Premium (OMR Million and USD Billion), 2013-2017 24

Table 7: Omani Insurance Industry-Direct Written Premium (OMR Million and USD Billion), 2017-2022 24

Table 8: Omani Insurance Industry-Density (OMR), 2013-2017 25

Table 9: Omani Insurance Industry-Density (OMR), 2017-2022 25

Table 10: Omani Insurance Industry-Number of Active Policies (Million), 2013-2017 26

Table 11: Omani Insurance Industry-Number of Active Policies (Million), 2017-2022 26

Table 12: Omani Insurance Industry-Paid Claims (OMR Million and USD Million), 2013-2017 27

Table 13: Omani Insurance Industry-Paid Claims (OMR Million and USD Million), 2017-2022 27

Table 14: Omani Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 29

Table 15: Omani Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 29

Table 16: Omani Life Insurance-Direct Written Premium (OMR Million and USD Million), 2013-2017 30

Table 17: Omani Life Insurance-Direct Written Premium (OMR Million and USD Million), 2017-2022 30

Table 18: Omani Life Insurance-Number of Active Policies (Thousand), 2013-2017 31

Table 19: Omani Life Insurance-Number of Active Policies (Thousand), 2017-2022 31

Table 20: Omani Life Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 32

Table 21: Omani Life Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 32

Table 22: Omani Life Insurance-Total Assets (OMR Million and USD Million), 2013-2017 34

Table 23: Omani Life Insurance-Total Assets (OMR Million and USD Million), 2017-2022 34

Table 24: Omani Individual Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 35

Table 25: Omani Individual Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 35

Table 26: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2013-2017 36

Table 27: Omani Individual Life Insurance-Number of Active Policies (Thousand), 2017-2022 36

Table 28: Omani Group Life Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 38

Table 29: Omani Group Life Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 38

Table 30: Omani Group Life Insurance-Number of Active Policies (Thousand), 2013-2017 39

Table 31: Omani Group Life Insurance-Number of Active Policies (Thousand), 2017-2022 39

Table 32: Omani General Insurance-Gross Written Premium (OMR Million and USD Billion), 2013-2017 42

Table 33: Omani General Insurance-Gross Written Premium (OMR Million and USD Billion), 2017-2022 42

Table 34: Omani General Insurance-Direct Written Premium (OMR Million and USD Billion), 2013-2017 43

Table 35: Omani General Insurance-Direct Written Premium (OMR Million and USD Billion), 2017-2022 43

Table 36: Omani General Insurance-Number of Active Policies (Million), 2013-2017 44

Table 37: Omani General Insurance-Number of Active Policies (Million), 2017-2022 44

Table 38: Omani General Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 45

Table 39: Omani General Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 45

Table 40: Omani General Insurance-Total Assets (OMR Million and USD Billion), 2013-2017 48

Table 41: Omani General Insurance-Total Assets (OMR Million and USD Billion), 2017-2022 48

Table 42: Omani Property Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 49

Table 43: Omani Property Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 49

Table 44: Omani Property Insurance-Number of Active Policies (Thousand), 2013-2017 50

Table 45: Omani Property Insurance-Number of Active Policies (Thousand), 2017-2022 50

Table 46: Omani Property Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 52

Table 47: Omani Property Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 52

Table 48: Omani Property Insurance-Loss Ratio (%), 2013-2017 53

Table 49: Omani Property Insurance-Loss Ratio (%), 2017-2022 53

Table 50: Omani Motor Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 54

Table 51: Omani Motor Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 54

Table 52: Omani Motor Insurance-Number of Active Policies (Million), 2013-2017 55

Table 53: Omani Motor Insurance-Number of Active Policies (Million), 2017-2022 55

Table 54: Omani Motor Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 57

Table 55: Omani Motor Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 57

Table 56: Omani Motor Insurance-Loss Ratio (%), 2013-2017 58

Table 57: Omani Motor Insurance-Loss Ratio (%), 2017-2022 58

Table 58: Omani Liability Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 59

Table 59: Omani Liability Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 59

Table 60: Omani Liability Insurance-Number of Active Policies (Thousand), 2013-2017 60

Table 61: Omani Liability Insurance-Number of Active Policies (Thousand), 2017-2022 60

Table 62: Omani Liability Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 62

Table 63: Omani Liability Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 62

Table 64: Omani Liability Insurance-Loss Ratio (%), 2013-2017 63

Table 65: Omani Liability Insurance-Loss Ratio (%), 2017-2022 63

Table 66: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 64

Table 67: Omani Marine, Aviation and Transit Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 64

Table 68: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2017 65

Table 69: Omani Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2017-2022 65

Table 70: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 67

Table 71: Omani Marine, Aviation and Transit Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 67

Table 72: Omani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017 68

Table 73: Omani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022 68

Table 74: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million and USD Million), 2013-2017 69

Table 75: Omani Personal Accident and Health Insurance-Gross Written Premium (OMR Million and USD Million), 2017-2022 69

Table 76: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017 70

Table 77: Omani Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022 70

Table 78: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million and USD Million), 2013-2017 72

Table 79: Omani Personal Accident and Health Insurance-Paid Claims (OMR Million and USD Million), 2017-2022 72

Table 80: Omani Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017 73

Table 81: Omani Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022 73

Table 82: Omani Miscellaneous-Gross Written Premium (OMR Million and USD Million), 2013-2017 74

Table 83: Omani Miscellaneous-Gross Written Premium (OMR Million and USD Million), 2017-2022 74

Table 84: Omani Miscellaneous-Number of Active Policies (Thousand), 2013-2017 75

Table 85: Omani Miscellaneous-Number of Active Policies (Thousand), 2017-2022 75

Table 86: Omani Miscellaneous-Paid Claims (OMR Million and USD Million), 2013-2017 77

Table 87: Omani Miscellaneous-Paid Claims (OMR Million and USD Million), 2017-2022 77

Table 88: Omani Miscellaneous-Loss Ratio (%), 2013-2017 78

Table 89: Omani Miscellaneous-Loss Ratio (%), 2017-2022 78

Table 90: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2013-2017 80

Table 91: Omani Reinsurance-Premium Ceded by Insurance Segment (OMR Million), 2017-2022 80

Table 92: Omani Insurance Industry-Market Shares of Leading Insurers (%), 2017 88

Table 93: Omani Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 89

Table 94: Omani General Insurance Segment-Market Shares of Leading Insurers (%), 2017 90

Table 95: National Life & General Insurance Company-Key Facts 91

Table 96: Dhofar Insurance Company-Key Facts 91

Table 97: Oman United Insurance Company-Key Facts 91

Table 98: Al Madina Insurance Company SAOG-Key Facts 92

Table 99: Al Ahlia Insurance Company-Key Facts 92

Table 100: Oman-Insurance Regulatory Framework Key Features 93

Table 101: Oman-Life Insurance Regulatory Framework 99

Table 102: Oman-Property Insurance Regulatory Framework 100

Table 103: Oman-Motor Insurance Regulatory Framework 102

Table 104: Oman-No-Claims Discount Percentages for Comprehensive and Third-Party Insurance 103

Table 105: Oman-Liability Insurance Regulatory Framework 105

Table 106: Oman-Corporate Tax Rates for the Financial Year 2018 118

Table 107: Omani Life Insurance-Policies and Premium, 2013-2017 122

Table 108: Omani Life Insurance-Policies and Premium, 2017-2022 122

Table 109: Omani Life Insurance-Claims and Expenses, 2013-2017 123

Table 110: Omani Life Insurance-Claims and Expenses, 2017-2022 123

Table 111: Omani Life Insurance-Assets and Investments, 2013-2017 123

Table 112: Omani Life Insurance-Assets and Investments, 2017-2022 123

Table 113: Omani Life Insurance-Individual Life Insurance, 2013-2017 124

Table 114: Omani Life Insurance-Individual Life Insurance, 2017-2022 124

Table 115: Omani Life Insurance-Group Life Insurance, 2013-2017 124

Table 116: Omani Life Insurance-Group Life Insurance, 2017-2022 124

Table 117: Omani General Insurance-Policies and Premium, 2013-2017 125

Table 118: Omani General Insurance-Policies and Premium, 2017-2022 125

Table 119: Omani General Insurance-Claims and Expenses, 2013-2017 126

Table 120: Omani General Insurance-Claims and Expenses, 2017-2022 126

Table 121: Omani General Insurance-Assets and Investments, 2013-2017 126

Table 122: Omani General Insurance-Assets and Investments, 2017-2022 126

Table 123: Omani General Insurance-Property Insurance, 2013-2017 127

Table 124: Omani General Insurance-Property Insurance, 2017-2022 127

Table 125: Omani General Insurance-Property Insurance by Category, 2013-2017 128

Table 126: Omani General Insurance-Property Insurance by Category, 2017-2022 128

Table 127: Omani General Insurance-Motor Insurance, 2013-2017 129

Table 128: Omani General Insurance-Motor Insurance, 2017-2022 129

Table 129: Omani General Insurance-Motor Insurance by Category, 2013-2017 130

Table 130: Omani General Insurance-Motor Insurance by Category, 2017-2022 130

Table 131: Omani General Insurance-Liability Insurance, 2013-2017 131

Table 132: Omani General Insurance-Liability Insurance, 2017-2022 131

Table 133: Omani General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 132

Table 134: Omani General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 132

Table 135: Omani General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 133

Table 136: Omani General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 133

Table 137: Omani General Insurance-Personal Accident and Health Insurance, 2013-2017 134

Table 138: Omani General Insurance-Personal Accident and Health Insurance, 2017-2022 134

Table 139: Omani General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 135

Table 140: Omani General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 135

Table 141: Omani General Insurance-Miscellaneous, 2013-2017 136

Table 142: Omani General Insurance-Miscellaneous, 2017-2022 136

Table 143: Insurance Industry Definitions 137

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Products

Omani insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

National Life Insurance and General

Dhofar Insurance

Oman United Insurance

Al Madina Takaful

Al Ahlia Insurance

The New India Assurance Company

Oman & Qatar Insurance

Axa Insurance

Muscat Insurance Company SAOG

Vision Insurance