Oman Insurance Market
Insurance Providers
There are Nine National companies, two of
which are exclusively Life Insurance companies;
four are composite companies and the other
three conduct exclusively general insurance
business.
There are seven foreign companies of which
one is exclusive life insurance company, three
are composite companies and three conduct
exclusively general insurance business.
Of the sixteen insurers operating here seven
are composite companies, six are exclusive
general insurance companies and three are
exclusive life insurance companies.
Total Assets owned by Insurance companies
as of 31st December 2005 was US$.540 million.
Manpower
The Industry employs 1,038 persons, 56% of
whom are Omani Nationals.
Market Premium
Total market premium for the year ended 31st
December 2005 was US$.304 million of which
US$.260 million was general Insurance. Market
share of National companies was 79% and foreign
companies was 21%.
Motor is largest component at 40% of total
premium, miscellaneous at 22%, Property at
16%, Life at 14% and Marine at 8%.
Claims
Total claims paid for the year ended on 31st
December 2005 US$.150 Million. Largest component
is Motor at 55% of total paid claims, Life
at 17%, property at 15%, Miscellaneous at
10% and Marine at 3%.
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