Insurance Industry in Oman, Key Trends and Opportunities to 2017

Insurance Industry in Oman, Key Trends and Opportunities to 2017

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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.

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.
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 Purchase
  • 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.


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


Companies Mentioned:

Dhofar Insurance Company
National Life and General Insurance Company
Al Ahlia Insurance