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The Insurance Industry in Oman, Key Trends and Opportunities to 2020

The Insurance Industry in Oman, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'The Insurance Industry in Oman, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Omani insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Omani economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Oman, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Omani insurance industry, including:

  • An overview of the Omani insurance industry
  • The Omani insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Omani economy and demographics
  • The detailed competitive landscape in the Omani insurance industry
  • Details of regulatory policy applicable to the Omani insurance industry
  • Analysis of natural hazards in Oman
Scope

This report provides a comprehensive analysis of the insurance industry in Oman:
  • It provides historical values for the Omani insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key segments in the Omani insurance industry, with market forecasts to 2020.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Oman, and outlines the key regulations affecting them.
  • It covers the economy and demographics structure of Oman.
  • It analyzes the impact of natural hazards in the Omani insurance industry.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Omani insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Omani insurance industry.
  • Assess the competitive dynamics in the Omani insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Omani insurance industry and their impact on companies and the industry's future.
Key Highlights
  • Omani economy is heavily dependent on oil resources, which generated around 84.0% of government revenue in 2015.
  • Insurance penetration was 1.1% in 2014, which was lower than the GCC average of 1.4%.
  • The non-life segment was the largest contributor, accounting for 65.3% of the industry’s gross written premium in 2015.
  • In 2016, the CMA issued a new unified motor policy with amendments. Holders with no or good claims records are entitled to a no-claims discount on renewal.


  • Key Facts and Highlights
    • Table Omani Insurance Industry - Key Facts, 2015
    • Table Omani Insurance Industry - Segment Shares of the Top Insurers, 2014
  • Executive Summary
  • Economy and Demographics
    • Table Omani Government Credit Ratings
  • Industry Outlook
    • Regional Comparison
    • Industry Indicators
      • Gross written premium
        • Table Omani Insurance Industry - Gross Written Premium by Segment (OMR Million), 2011-2015
        • Table Omani Insurance Industry - - Gross Written Premium by Segment (OMR Million), 2015-2020
        • Table Omani Insurance Industry - Density by Segment (OMR), 2011-2015
        • Table Omani Insurance Industry - Density by Segment (OMR), 2015-2020
      • Policies sold
        • Table Omani Insurance Industry - Number of Policies Sold by Segment (Thousand), 2011-2015
        • Table Omani Insurance Industry - Number of Policies Sold by Segment (Thousand), 2015-2020
      • Claims
        • Table Omani Insurance Industry - Paid Claims by Segment (OMR Million), 2011-2015
        • Table Omani Insurance Industry - Paid Claims by Segment (OMR Million), 2015-2020
      • Assets and investments
        • Table Omani Insurance Industry - Total Assets by Segment (OMR Million), 2011-2015
        • Table Omani Insurance Industry - Total Assets by Segment (OMR Million), 2015-2020
        • Table Omani Insurance Industry - Total Investment Income by Segment (OMR Million), 2013-2015
        • Table Omani Insurance Industry - Total Investment Income by Segment (OMR Million), 2015-2020
        • Table Omani Insurance Industry - Life Insurance Investment Portfolio (OMR Million), 2011-2015
        • Table Omani Insurance Industry - Life Insurance Investment Portfolio (OMR Million), 2015-2020
        • Table Omani Insurance Industry - Non-Life Insurance Investment Portfolio (OMR Million), 2011-2015
        • Table Omani Insurance Industry - Non-Life Insurance Investment Portfolio (OMR Million), 2015-2020
        • Table Omani Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (OMR Million), 2011-2015
        • Table Omani Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (OMR Million), 2015-2020
  • Life Insurance Outlook
    • Individual Life Insurance
      • Gross written premium
        • Table Omani Individual Life Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Individual Life Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Individual Life Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Individual Life Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Gross written premium
        • Table Omani Group Life Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Group Life Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Group Life Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Group Life Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
  • Non-Life Insurance Outlook
    • Property Insurance
      • Gross written premium
        • Table Omani Property Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Property Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Property Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Property Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
      • Claims
        • Table Omani Property Insurance - Paid Claims (OMR Million and US$ Million), 2011-2015
        • Table Omani Property Insurance - Paid Claims (OMR Million and US$ Million), 2015-2020
      • Profitability
        • Table Omani Property Insurance - Loss Ratio (%), 2011-2015
        • Table Omani Property Insurance - Loss Ratio (%), 2015-2020
    • Motor Insurance
      • Gross written premium
        • Table Omani Motor Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Motor Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Motor Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Motor Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
      • Claims
        • Table Omani Motor Insurance - Paid Claims (OMR Million and US$ Million), 2011-2015
        • Table Omani Motor Insurance - Paid Claims (OMR Million and US$ Million), 2015-2020
      • Profitability
        • Table Omani Motor Insurance - Loss Ratio (%), 2011-2015
        • Table Omani Motor Insurance - Loss Ratio (%), 2015-2020
    • Liability Insurance
      • Gross written premium
        • Table Omani Liability Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Liability Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Liability Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Liability Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
      • Claims
        • Table Omani Liability Insurance - Paid Claims (OMR Thousand and US$ Million), 2011-2015
        • Table Omani Liability Insurance - Paid Claims (OMR Thousand and US$ Million), 2015-2020
      • Profitability
        • Table Omani Liability Insurance - Loss Ratio (%), 2011-2015
        • Table Omani Liability Insurance - Loss Ratio (%), 2015-2020
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Omani Marine, Aviation and Transit Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Marine, Aviation and Transit Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
      • Claims
        • Table Omani Marine, Aviation and Transit Insurance - Paid Claims (OMR Thousand and US$ Million), 2011-2015
        • Table Omani Marine, Aviation and Transit Insurance - Paid Claims (OMR Thousand and US$ Thousand), 2015-2020
      • Profitability
        • Table Omani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
        • Table Omani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
  • Personal Accident and Health Insurance Outlook
    • Personal Accident and Health Insurance
      • Gross written premium
        • Table Omani Personal Accident and Health Insurance - Gross Written Premium (OMR Million and US$ Million), 2011-2015
        • Table Omani Personal Accident and Health Insurance - Gross Written Premium (OMR Million and US$ Million), 2015-2020
      • Policies
        • Table Omani Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2011-2015
        • Table Omani Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2015-2020
      • Penetration
      • Claims
        • Table Omani Personal Accident and Health Insurance - Paid Claims (OMR Million and US$ Million), 2011-2015
        • Table Omani Personal Accident and Health Insurance - Paid Claims (OMR Million and US$ Million), 2015-2020
      • Profitability
        • Table Omani Personal Accident and Health Insurance - Loss Ratio (%), 2011-2015
        • Table Omani Personal Accident and Health Insurance - Loss Ratio (%), 2015-2020
  • Reinsurance Outlook
    • Premium Ceded
      • Table Omani Reinsurance - Premium Ceded by Insurance Segment (OMR Million), 2011-2015
      • Table Omani Reinsurance - Premium Ceded by Insurance Segment (OMR Million), 2015-2020
  • Distribution Channel Outlook
  • Natural Hazards
    • Flooding
    • Cyclone
    • Exposure
  • Competitive Landscape
    • Table Omani Insurance - Industry Shares (%) of Leading Insurers, 2014
    • Table Omani Insurance - Segment Shares (%) of Leading Life Insurers, 2014
    • Table Omani Insurance - Segment Shares (%) of Leading Non-Life Insurers, 2014
    • Table Omani Insurance - Segment Shares (%) of Leading Health Insurers, 2014
    • Company Profiles
      • National Life & General Insurance Company - company overview
        • Table National Life & General Insurance Company - Key Facts
      • Dhofar Insurance Company - company overview
        • Table Dhofar Insurance Company - Key Facts
      • Oman United Insurance Company - company overview
        • Table Oman United Insurance Company - Key Facts
      • Al Ahlia Insurance Company - company overview
        • Table Al Ahlia Insurance Company - Key Facts
      • The New India Assurance Company - company overview
        • Table The New India Assurance Company - Key Facts
  • Governance, Risk and Compliance
    • Table Oman - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life Insurance
        • Table Oman - Life Insurance Regulatory Framework
      • Property Insurance
        • Table Oman - Property Insurance Regulatory Framework
      • Motor Insurance
        • Table Oman - Motor Insurance Regulatory Framework
        • Table Oman - No-Claims Discount Percentages for Comprehensive and Third-Party Insurance
      • Liability insurance
        • Table Oman - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third party liability insurance
      • Workers' compensation insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Capital Market Authority
      • Oman Insurance Association
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Oman - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Omani Life Insurance - Policies and Premium, 2011-2015
        • Table Omani Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Omani Life Insurance - Claims and Expenses, 2011-2015
        • Table Omani Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Omani Life Insurance - Assets and Investments, 2011-2015
        • Table Omani Life Insurance - Assets and Investments, 2015-2020
      • Individual life insurance
        • Table Omani Life Insurance - Individual Life Insurance, 2011-2015
        • Table Omani Life Insurance - Individual Life Insurance, 2015-2020
      • Group life insurance
        • Table Omani Life Insurance - Group Life Insurance, 2011-2015
        • Table Omani Life Insurance - Group Life Insurance, 2015-2020
    • Non-Life Insurance
      • Policies and premium
        • Table Omani Non-Life Insurance - Policies and Premium, 2011-2015
        • Table Omani Non-Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Omani Non-Life Insurance - Claims and Expenses, 2011-2015
        • Table Omani Non-Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Omani Non-Life Insurance - Assets and Investments, 2011-2015
        • Table Omani Non-Life Insurance - Assets and Investments, 2015-2020
      • Property insurance
        • Table Omani Non-Life Insurance - Property Insurance, 2011-2015
        • Table Omani Non-Life Insurance - Property Insurance, 2015-2020
      • Property insurance by product
        • Table Omani Non-Life Insurance - Property Insurance by Product, 2011-2015
        • Table Omani Non-Life Insurance - Property Insurance by Product, 2015-2020
      • Motor insurance
        • Table Omani Non-Life Insurance - Motor Insurance, 2011-2015
        • Table Omani Non-Life Insurance - Motor Insurance, 2015-2020
      • Motor insurance by product
        • Table Omani Non-Life Insurance - Motor Insurance by Product, 2011-2015
        • Table Omani Non-Life Insurance - Motor Insurance by Product, 2015-2020
      • Liability insurance
        • Table Omani Non-Life Insurance - Liability Insurance, 2011-2015
        • Table Omani Non-Life Insurance - Liability Insurance, 2015-2020
      • Marine, aviation and transit insurance
        • Table Omani Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
        • Table Omani Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
    • Personal Accident and Personal Accident and Health Insurance
      • Policies and premium
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Policies and Premium, 2011-2015
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Claims and Expenses, 2011-2015
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Assets and Investments, 2011-2015
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Assets and Investments, 2015-2020
      • Personal accident insurance
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Personal Accident Insurance, 2011-2015
        • Table Omani Personal Accident and Personal Accident and Health Insurance – Personal Accident Insurance, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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