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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Omani non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Oman's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Oman non-life (P&C) market as well as trends by line of business. Axco analysts also report on Oman's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Oman's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Oman, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Oman, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Oman with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Historically the largest line of business in the Omani non-life insurance market has been motor. The situation evolved somewhat, however, in 2018 when private medical insurance (PMI) business became the largest line of business with a market share of approximately 13.8%, having grown by 13% whilst the motor account reduced by 8% (due principally to price competition). It should be noted that, in the context of official statistics issued by the regulator, PMI business is separately calculated and ....
This is a brief extract of information; more updated information may be available in the latest published report.