The insurance sector in Oman recorded a 13 per cent rise in the total direct premiums written to stand at RO133mn during the third quarter of 2022 compared to RO118mn during the corresponding period in 2021, according to the latest data issued by the Capital Market Authority (CMA).
National companies grabbed the largest share of direct premiums written to stand at 83 per cent, which constitutes RO111mn compared to RO99.4mn during the corresponding period in 2021.
Meanwhile, direct premiums written reached RO431mn until the end of September 2022.
The third period of 2021 and 2022 recorded variations in indicators. A rise was recorded in liability insurance premiums by 19 per cent, car insurance premiums (third party) by 21.1 per cent and engineering insurance premiums by 41 per cent to reach RO6.7mn.
Meanwhile, premiums declined for transport insurance and property insurance by 16 per cent and 11 per cent, respectively.
With regard to the distribution of direct premiums of insurance products, it was noted that health insurance tops the insurance products by 36 per cent of the market share followed by properties insurance and motor insurance (third party) by 14 per cent and 11 per cent, respectively.
Net gross direct premiums, which are the premiums retained by insurance companies after the deduction of reinsurance, increased by 14 per cent during the third quarter of 2022 compared to the corresponding period in 2021.
This is attributed to the increase in gross premiums on most categories of insurance as life (group) insurance rose by 53 per cent to reach RO4.8mn. Motor insurance (third party) also went up by 23 per cent to reach RO13.3mn.
During the third quarter of 2022, net commissions decreased by 185 per cent. Earned premiums, net compensations and administrative and general expenses also declined by 26 per cent, 28 per cent, and 14.7 per cent respectively.
The number of employees in national and foreign insurance companies during the third quarter of 2022 reached 2,167, of whom 1,813 are Omanis. This brings the Omanisation rate to 84 per cent.
