Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Oman Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Oman includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Total P&C premiums for the year 2018 were OMR 225.45m, a decrease of 4.08% over the previous year. Penetration compared to some of its neighbouring countries is lower.
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.
Non-life insurance direct placement in 2019 was estimated to represent about 28% of all non-life distribution with brokers having the largest proportion. Internet selling is estimated to represent below 2% of overall distribution but is reported to be under active development. There has been little or no Insurtech development.