Muscat, Nov 20 – The total insurance spending in the Sultanate touched RO 68.8 million in 2016 as against RO 58.6 million in 2015, a RO 10.4 million increase (17 per cent growth).
Old-age pensions rose 25 per cent to stand at RO 20.2 million. The total amount of severance pay disbursed to women was RO 8 million or 12.7 per cent of the gross insurance indemnities, according to the Public Authority for Social Insurance (PASI).
The insurance against industrial accidents and occupational casualties rose 15.6 per cent to RO 3 million. Most of the casualties were due to traffic accidents, which accounted for 36.6 per cent.
Most insurance funds are invested in the local market.
PASI said investments in government bonds and sukuk (debentures), which are secure and of low risk, touched 57 per cent, of which 30.5 per cent has been invested in finance, industry and services shares.
Meanwhile, PASI has completed the construction of its multi-purpose, project, Insurance Complex, and leased out most of the offices and about to lease out the residential units.
It is one of the most important residential, administrative and commercial projects comprising 620 units, a health club, swimming pools, a nursery, shops & offices.
Last year, the authority saw a 4.5 per cent growth due to increase in investments in both local and external assets. Revenues from short-term assets rose 108 per cent. The external insurance investments, however, accounted for 14.6 per cent of the total portfolio.
PASI announced it would complete by the end of December a strategic project that aims to boost its revenues.
The project has been designed to work in coordination with other banks so that all employers and the insured pay their contributions electronically.
2016 figures show there are 214,000 “active insured” people registered in the insurance records, of which 75 per cent are males.
Zainab al Nassri