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Oman Insurance Report Q1 2016

  • ID: 3505836
  • December 2015
  • Region: Oman
  • 58 pages
  • Business Monitor International
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FEATURED COMPANIES

  • AXA
  • Dhofar Insurance
  • MetLife
  • MORE

Following a short-term contraction led largely by currency movements, we expect to see solid growth in Oman's small life insurance sector, accompanied by slower growth in the considerably more developed non-life sector, over the remainder of the forecast period to 2019. Demand will be led primarily by Oman's strong macroeconomic performance and the substantial expatriate community, which will account for the majority of 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 on pricing in major basic lines such as motor.

Key Updates And Forecasts
- Following a short-term decline, life insurance premiums are expected to grow by double-digit rates throughout the remainder of the forecast period. The market remains small by global standards, however,
writing premiums of around USD102mn in 2019, up from USD48mn in 2015.

- The non-life sector is considerably larger, with premiums of around USD885mn in 2015. Growth will,
however, be slower than the life sector, with premiums increasing by less than 1% annually, on average,
to reach USD935mn in 2019.

- Oman's insurers saw a jump in claims in late 2015 due to the impact of heavy rainfall in September -
some OMR3.6mn has been paid in compensation for damage to property, machinery and cars.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • AXA
  • Dhofar Insurance
  • MetLife
  • MORE

Table: Headline Insurance Forecasts (Oman 2012-2019)

SWOT

Insurance

Industry Forecast

Life Premiums Forecast
Table: Life Premiums (Oman 2012-2019)
Table: Life Insurance Claims (Oman 2012-2013)

Non-Life Premiums Forecast
Table: Non-Life Premiums (Oman 2012-2019)
Table: Non-Life Insurance Claims (Oman 2012-2013)

Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Oman 2012-2019)

Industry Risk Reward Index

MENA Insurance Risk/Reward Index
Table: MENA Insurance Risk/Reward Index

Market Overview

Life Market Overview

The Product Offering

The Competitive Landscape

Non-Life 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

Note: Product cover images may vary from those shown
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American International Group (AIG)
AXA
Dhofar Insurance
Life Insurance Corporation Of India
MetLife
National Life & General Insurance Company
Oman United Insurance Company

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown

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