Oman Insurance Report - Q4 2014

Business Monitor International
September 10, 2014
66 Pages - SKU: BMI5325658
Countries covered: Oman

Oman Insurance Report - Q4 2014

BMI View: Looking ahead to 2015 and beyond, we anticipate that Oman's insurance sector will achievesteady growth. As a whole, the sector will remain small and under-developed. We envisage that forecastgrowth will largely come from an increase in the volume of policies.

By many metrics, Oman's insurance sector will remain a small market opportunity. The sector is small andfragmented, with intense price competition. The existence of sub-scale insurers across the sector has in partcaused low retention rates, often below 50%. This is because such insurers are forced to forgo a significantportion of their premiums in outwards reinsurance. We do not envisage that this competitive landscape willchange over the forecast period. Indeed market consolidation, caused by a wave of mergers andacquisitions, remains unlikely. As such, growth will largely come from an increase in the volume ofpolicies. In areas such as health insurance this will be driven by the wealthy, western expatriate community.

Overall, the sector will rely on, and be driven by, consistent economic growth, which should stimulatedemand for insurance solutions.



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