Insurance Industry in Oman, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 149 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Oman, including:
The Omani insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Omani insurance industry
The current trends and drivers of the Omani insurance industry
Challenges facing the Omani insurance industry
The regulatory framework of the Omani insurance industry
A benchmarking section on the Omani insurance industry in comparison to other countries in the Middle East region

Summary
The Omani insurance industry is the fourth-largest insurance industry, in terms of written premium, in the GCC region. However, compared to other developed insurance industries such as the UK, Japan and China, Oman has a small insurance industry in gross written premium terms. The Omani insurance industry is similar to that of Qatar and Bahrain, but smaller than other neighboring industries such as the UAE and Kuwait. The industry is expected to grow over the forecast period as the country's energy sector continues to finance infrastructure projects. Such large investment will positively influence the industry over the forecast period. There were 22 operational insurers and one takaful insurer in 2012: 12 non-life companies, two life companies, eight composite companies. Of these 22 insurers, 11 are domestic and the rest are foreign.
Scope
This report provides a comprehensive analysis of the insurance industry in Oman:
It provides historical values for the Omani insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and categories in the Omani insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Oman, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related in the Omani insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Omani insurance industry.
Assess the competitive dynamics in the Omani insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Omani insurance industry and its impact on companies and the industry's future.
Key Highlights
The non-life segment accounted for 73.9% of the industry's written premium in 2012.
Oman allows 70% foreign direct investment (FDI) in the insurance industry, and the entry of foreign companies increased competitiveness.
The mandatory nature of motor liability insurance, coupled with growth in the construction industry, supported the growth of motor and property insurance during the review period.
Government infrastructure expenditure is expected to support the non-life insurance segment over the forecast period.
As of 2011, there were 11 domestic and 11 foreign insurance companies operating, alongside one Takaful insurance company.
The popularity of Takaful insurance is expected to be a challenge to conventional insurance in Oman.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dymics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regiol Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regiol Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Persol Accident and Health Insurance - Regiol Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 Omani Insurance Industry Overview
4.1 Omani Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
4.4 Regulation
5 Industry Segmentation
5.1 Life Insurance
5.2 Non-Life Insurance
5.2.1 Property insurance
5.2.2 Motor insurance
5.2.3 Liability insurance
5.2.4 Marine, Aviation and Transit insurance
5.3 Persol Accident and Health Insurance
5.4 Reinsurance
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Dhofar Insurance Company - company overview
6.2.2 tiol Life and General Insurance Company - company overview
6.2.3 Al Ahlia Insurance - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US dollar)
7.2 GDP Per Capita at Constant Prices (US dollar)
7.3 GDP at Current Prices (US dollar)
7.4 GDP Per Capita at Current Prices (US dollar)
7.5 Construction net Output at Current Prices, (US dollar)
7.6 Construction net Output at Current Prices as a Percentage of GDP
7.7 Inflation Rate
7.8 Labor Force
7.9 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Middle East Region - Insurance Penetration (% of GDP), 2011
Table 3: Middle East Region - Life Expectancy, 2000 and 2012
Table 4: Omani Insurance Overall Written Premium by Segment (OMR Million), 2008-2012
Table 5: Omani Insurance Overall Written Premium by Segment (USD Million), 2008-2012
Table 6: Omani Insurance Overall Written Premium by Segment (OMR Million), 2012-2017
Table 7: Omani Insurance Overall Written Premium by Segment (USD Million), 2012-2017
Table 8: Omani Insurance Segmentation (% Share), 2008-2017
Table 9: Omani Life Insurance - Gross Written Premium (OMR Million), 2008-2012
Table 10: Omani Life Insurance- Gross Written Premium (OMR Million), 2012-2017
Table 11: Omani Life Insurance - Paid Claims (OMR Million), 2008-2012
Table 12: Omani Life Insurance - Paid Claims (OMR Million), 2012-2017
Table 13: Omani Life Insurance - Incurred Loss (OMR Million), 2008-2012
Table 14: Omani Life Insurance - Incurred Loss (OMR Million), 2012-2017
Table 15: Omani Life Insurance - Loss Ratio (%), 2008-2012
Table 16: Omani Life Insurance - Loss Ratio (%), 2012-2017
Table 17: Omani Life Insurance - Combined Ratio (%), 2008-2012
Table 18: Omani Life Insurance - Combined Ratio (%), 2012-2017
Table 19: Omani Life Insurance - Total Assets (OMR Million), 2008-2012
Table 20: Omani Life Insurance - Total Assets (OMR Million), 2012-2017
Table 21: Omani Life Insurance - Total Investment Income (OMR Million), 2008-2012
Table 22: Omani Life Insurance - Total Investment Income (OMR Million), 2012-2017
Table 23: Omani Life Insurance - Retentions (OMR Million), 2008-2012
Table 24: Omani Life Insurance - Retentions (OMR Million), 2012-2017
Table 25: Omani Non-Life Insurance - Written Premium by Category (OMR Million), 2008-2012
Table 26: Omani Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 27: Omani Non-Life Insurance - Written Premium by Category (OMR Million), 2012-2017
Table 28: Omani Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 29: Omani Non-Life Insurance - Paid Claims (OMR Million), 2008-2012
Table 30: Omani Non-Life Insurance - Paid Claims (OMR Million), 2012-2017
Table 31: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2008-2012
Table 32: Omani Non-Life Insurance - Incurred Loss (OMR Million), 2012-2017
Table 33: Omani Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 34: Omani Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 35: Omani Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 36: Omani Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 37: Omani Non-Life Insurance - Total Assets (OMR Million), 2008-2012
Table 38: Omani Non-Life Insurance - Total Assets (OMR Million), 2012-2017
Table 39: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2008-2012
Table 40: Omani Non-Life Insurance - Total Investment Income (OMR Million), 2012-2017
Table 41: Omani Non-Life Insurance - Retentions (OMR Million), 2008-2012
Table 42: Omani Non-Life Insurance - Retentions (OMR Million), 2012-2017
Table 43: Omani Property Insurance - Written Premium (OMR Million), 2008-2012
Table 44: Omani Property Insurance - Written Premium (OMR Million), 2012-2017
Table 45: Omani Motor Insurance - Written Premium (OMR Million), 2008-2012
Table 46: Omani Motor Insurance - Written Premium (OMR Million), 2012-2017
Table 47: Omani Liability Insurance - Written Premium (OMR Million), 2008-2012
Table 48: Omani Liability Insurance - Written Premium (OMR Million), 2012-2017
Table 49: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2008-2012
Table 50: Omani Marine, Aviation and Transit Insurance - Written Premium (OMR Million), 2012-2017
Table 51: Omani Persol Accident and Health Insurance - Gross Written Premium (OMR Million), 2008-2012
Table 52: Omani Persol Accident and Health Insurance- Gross Written Premium (OMR Million), 2012-2017
Table 53: Omani Persol Accident and Health Insurance - Paid Claim (OMR Million), 2008-2012
Table 54: Omani Persol Accident and Health Insurance - Paid Claim (OMR Million), 2012-2017
Table 55: Omani Persol Accident and Health Insurance - Incurred Loss (OMR Million), 2008-2012
Table 56: Omani Persol Accident and Health Insurance - Incurred Loss (OMR Million), 2012-2017
Table 57: Omani Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 58: Omani Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 59: Omani Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 60: Omani Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 61: Omani Persol Accident and Health Insurance - Total Assets (OMR Million), 2008-2012
Table 62: Omani Persol Accident and Health Insurance - Total Assets (OMR Million), 2012-2017
Table 63: Omani Persol Accident and Health Insurance - Total Investment Income (OMR Million), 2008-2012
Table 64: Omani Persol Accident and Health Insurance - Total Investment Income (OMR Million), 2012-2017
Table 65: Omani Persol Accident and Health Insurance - Retentions (OMR Million), 2008-2012
Table 66: Omani Persol Accident and Health Insurance - Retentions (OMR Million), 2012-2017
Table 67: Omani Reinsurance Ceded by Insurance Segment (OMR Million), 2008-2012
Table 68: Omani Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 69: Omani Reinsurance Ceded by Insurance Segment (OMR Million), 2012-2017
Table 70: Omani Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 71: Omani Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 72: Omani Life Insurance - Percentage of Reinsurance Ceded (%),2012-2017
Table 73: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 74: Omani Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 75: Omani Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 76: Omani Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 77: Dhofar Insurance Company, Main Products
Table 78: Dhofar Insurance Company,Key Employees
Table 79: tiol Life and General Insurance Company, Main Products
Table 80: tiol Life and General Insurance Company, Key Employees
Table 81: Al Ahlia Insurance, Main Products
Table 82: Al Ahlia Insurance, Key Employees