Oman Insurance Report Q1 2015

Business Monitor International
December 3, 2014
67 Pages - SKU: BMI5397790
Countries covered: Oman

Oman Insurance Report Q1 2015

BMI View: BMI remains of the view that the Omani insurance sector will achieve steady single-digitgrowth over the forecast period, largely driven by a strong economy. However, the market will remainregionally small and underdeveloped. As such, the sector will continue to be characterised by sub-scaleinsurers competing on the basis of price across basic lines.

Steady growth, largely as a result of sustained economic growth will characterise the Omani insurancesector over the forecast period. However, the market will remain small in absolute terms. Moreover, intenseprice competition in basic lines among sub-scale players will continue to prevent the sector achievingoptimal growth in premiums. As is the case with many regional markets, low retention rates, often below50%, continue to undermine insurers' profitability levels. This is because small scale insurers are forced toforgo a large portion of their revenue in the form of outward reinsurance.



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