Insurance premiums rise RO 463.5mn

MUSCAT: The gross direct premiums of the insurance sector have increased to RO 463.5 million at the end of 2018, compared to RO 451.5 million at the end of the previous year, according to the audited financial statements of the insurance sector published in the 15th issue of the Insurance Market Review 2017-2018. The indicators reveal an increase in the insurance premiums at RO 12 million to reach 2.6 per cent thanks to the increase in the GDP of Oman at 12 per cent to RO 30.4 billion. The contribution of the insurance sector to the GDP decreased to 1.52 per cent in 2018. It is noted the insurance market maintained reasonable levels of growth during the past four years despite the state of the economy and expenditure reduction policies adopted by the businesses and the government due to the fall in oil prices. — ONA