Market Research Logo

Oman Insurance Report Q2 2016

Oman Insurance Report Q2 2016

BMI View: We have made some modest changes to our Q2 2016 report update for the insurance sector ofOman largely owing to currency movements. In 2015, the insurance sector saw a modest decline in growthand we are expecting 2016 to be a positive year, with stable growth around 7.7% in the insurance market.
0The Omani life insurance segment is small and we expect it to grow by around 12.5% in US dollar termswith premiums inching towardsUSD60mn. The more developed non-life segment will witness slowercomparative growth around 7.4% in 2016 to USD989mn. Demand will be led primarily by Oman's strongmacroeconomic performance and the substantial expatriate community, which will account for the majorityof life premiums written. The insurance market in Oman continues to present structural challenges,including a fragmented competitive landscape and low retention rates, as well as downwards pressure onpricing in major basic lines such as property insurance.
0Key Updates And Forecasts

We are forecasting the life insurance market to grow by about 17.3% a year on average over the course ofour forecast period, following a significant decline in 2015. The market remains nascent by globalstandards, however, underwritten premiums will jump from an estimated USD60mn in 2016 to aroundUSD116mn in 2020.

The non-life sector is considerably larger, with premiums of around USD989mn in 2016. Growth will,however, be slower than the life sector, with premiums increasing by 6% annually, on average, to reachUSD1.25bn in 2020.


BMI Industry View
Table: Headline Insurance Forecasts (Oman 2013
2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Oman 2013
2020)
Table: Life Insurance Claims (Oman 2008
2015)
NonLife Premiums Forecast
Table: Non
Life Premiums (Oman 20132020)
Table: Non
Life Insurance Claims (Oman 20092015)
NonLife SubSector Forecast
Table: Non
Life Insurance Premiums by Product Line (Oman 20132020)
Industry Risk Reward Index
MENA Insurance Risk/Reward Index
Table: MENA Insurance Risk/Reward Index
Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
NonLife Market Overview
The Product Offering
The Competitive Landscape
Table: Oman Insurance Market Share, 2011
2013 (USDmn)
Company Profile
American International Group (AIG)
AXA
Dhofar Insurance
Life Insurance Corporation Of India
MetLife
National Life & General Insurance Company
Oman United Insurance Company
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report