Oman Insurance Report at Q3 2011
Oman Insurance Report covers several areas, namely in the fields of industry and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and the results of competitive intelligence on Oman’s insurance industry.
Recently the insurance sector in Oman is not a good situation compared to counterparts in other Gulf Cooperation Council (GCC) countries. Twenty-one companies are among 10 local groups, making competition for the total premium is still considered less than U.S. $ 700mn per year. As in all regions, which states that, no local company has the benefit of economies of scale or with a clear exception. Al-Ahlia, which is a global affiliation of non-life insurance the main RSA, are each owned by a major shareholder who has the ability to clear the insurance.
In the area of most countries in the Middle East and North Africa (MENA), is more interested in small local groups to focus exclusively on non-life lines (especially the more basic areas such as motor and home / contents insurance). Oman is common in most of the local group of composite insurance. Even al-Ahlia provides group life products. State regulatory regime dates back only to 2004. Not yet, Oman insurance sector has not participated in supporting the growth of takaful is a key factor in the expansion of a much larger industry in the UAE and Saudi Arabia.
