MUSCAT: Total premiums in Oman’s insurance sector increased ten per cent to RO396.5mn in 2014, compared with RO359.9mn in the previous year, according to the Capital Market Authority.
In his introductory note to a CMA market report, executive president H E Abdullah al Salmi said the sector contributed 1.29 per cent to Oman’s gross domestic product (GDP).
The sultanate’s insurance regulator recently published the 11th edition of its Insurance Market Review 2014.
H E Salmi pointed out that takaful insurance, which was introduced in 2014 with two national takaful companies, achieved a six per cent share of the gross direct premiums in 2014 and four per cent of total paid claims.
Motor insurance accounted for 40 per cent of gross premiums with health insurance accounting for 20 per cent.
“Insurance brokers collected 38 per cent of the gross direct premiums which is an indication of the active role they play in the industry,” H E Salim said
The capital of firms increased nine per cent to RO141.5mn in 2014 from RO129.3mn a year earlier. Total investments of insurance companies rose to RO467.5mn from RO425.5mn.
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