Insurance Industry in Oman, Key Trends and Opportunities to 2017

Date: 2015-09

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 countryโ€™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.

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