Boston, MA -- (ReleaseWire) -- 04/30/2014 -- Overall, nothing has happened to change BMI's view that Oman will likely remain home to an insurance sector that is small, fragmented and highly competitive.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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As of early 2014, it is clear that conditions have been mixed for the major players in both segments in Oman. In the non-life segment, it appears that al-Ahlia, the local subsidiary of RSA, has been gaining market share at the expense of the other companies. In the life segment, National Life & General Insurance, the main subsidiary of ONIC Holding, has achieved substantial growth: this has been thanks to greater sales of health insurance products, both in Oman and the UAE. Other companies have reported declining premiums - in some instances as a result of a deliberate policy to focus on profitability rather than growth. Meanwhile, earnings from investments - for most companies at least - appear to have improved dramatically in comparison with the very difficult period that was 2011-12.
Overall, though, nothing has happened to change BMI's view that Oman will likely remain home to an insurance sector that is small, fragmented and highly competitive. Over recent years, premiums in both segments have been growing at low double-digit rates. Retention rates are low (often well below 50%). Over the last year or so, motor-related claims have been unacceptably high. The insurers remain vulnerable to volatility in the underdeveloped financial markets of Oman and other countries in the region.
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