Oman Insurance Report Q2 2015

Business Monitor International
February 18, 2015
76 Pages - SKU: BMI5470821
Countries covered: Oman

Oman Insurance Report Q2 2015

BMI View: The Omani insurance sector will post steady growth over the forecast period. Premium growthwill remain largely driven by compulsory, basic lines, which in turn will be fuelled by sustained economicgrowth. Structural issues such as low retention ratios will suppress optimal growth across most sub-sectors.

We remain of the view that solid economic growth will drive sustained year-on-year growth over theforecast period. However, the market will continue to operate at sub-optimal levels due to ingrainedstructural impediments. These barriers are largely caused by intense price competition in basic lines, such asmotor and health. These sub-sectors make up the majority of non-life premiums, which in turn is thedominant of the two segments. Price competition along dominant lines suppresses the development of themarket by limiting profitability. As such the sector is characterised by sub-scale operators, who are unableto internally absorb risk and thus are heavy users of outwards reinsurance. The absence of marketopportunities besides a general increase in demand for basic lines will continue to decrease the sector'supside potential.



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