Insurance sector contributes 1.45pc to Oman’s GDP
Published: 03:06 PM,Jun 16,2022 | EDITED : 07:06 PM,Jun 16,2022
The Capital Market Authority has issued the eighteenth edition of the Statistical Yearbook of Insurance Sector Indicators for the year 2021, which mirrors all quantitative and qualitative indicators and statistical and financial data, such as insurance premiums, paid claims, number of issued policies, retention ratios and losses for various insurance activities and geographical distribution of branches and agents all over the Sultanate of Oman, in addition to the financial indicators of insurance companies and their operational performance during the year.
The audited financial statements and indicators for the year 2021 show mixed results compared to the indicators of past years. The data showed that the contribution of the insurance sector to the GDP amounted to 1.45 per cent, resulted from a 3-per cent increase in the gross direct premiums of the insurance sector to reach RO 479.857 million at the end of the year 2021 compared to RO 465,895 million at the end of the year 2020. The data also indicates that health insurance premiums accounted for 34 per cent of the gross direct written premiums, while the motor insurance, both comprehensive and third party, represented 21 per cent of the total gross premiums.
As for Takaful, gross direct premiums amounted to RO 70.779 million at the end of the year 2021, compared to RO 64.847 million at the end of 2020, whereas the growth rate increased by about 9.1 per cent and the Takaful constituted 15 per cent of the gross direct premiums in the sector in general and 13 per cent of the total compensations paid during the same period. Premiums collected by insurance brokers amounted to 49 per cent of the gross insurance premiums.
The audited financial statements and indicators for the year 2021 show mixed results compared to the indicators of past years. The data showed that the contribution of the insurance sector to the GDP amounted to 1.45 per cent, resulted from a 3-per cent increase in the gross direct premiums of the insurance sector to reach RO 479.857 million at the end of the year 2021 compared to RO 465,895 million at the end of the year 2020. The data also indicates that health insurance premiums accounted for 34 per cent of the gross direct written premiums, while the motor insurance, both comprehensive and third party, represented 21 per cent of the total gross premiums.
As for Takaful, gross direct premiums amounted to RO 70.779 million at the end of the year 2021, compared to RO 64.847 million at the end of 2020, whereas the growth rate increased by about 9.1 per cent and the Takaful constituted 15 per cent of the gross direct premiums in the sector in general and 13 per cent of the total compensations paid during the same period. Premiums collected by insurance brokers amounted to 49 per cent of the gross insurance premiums.