test — The Insurance Industry in Oman, Key Trends and Opportunities to 2020

Timetric’s 'The Insurance Industry in Oman, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Omani insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (20112015) and forecast periods (20152020).

The report also gives a comprehensive overview of the Omani economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

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 20112015 review period, and projected figures for the 20152020 forecast period.

Ӣ It offers a detailed analysis of the key segments in the Omani insurance industry, with market forecasts to 2020.

Ӣ It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

Ӣ It profiles the top insurance companies in Oman, and outlines the key regulations affecting them.

Ӣ It covers the economy and demographics structure of Oman.

Ӣ It analyzes the impact of natural hazards in the Omani insurance industry.

Reasons to buy

Ӣ Make strategic business decisions using in-depth historic and forecast market data related to the Omani insurance industry and each segment and category within it.

Ӣ Understand the demand-side dynamics, key market trends and growth opportunities in the Omani insurance industry.

Ӣ Assess the competitive dynamics in the Omani insurance industry.

Ӣ Identify the growth opportunities and market dynamics in key segments.

Ӣ Gain insights into key regulations governing the Omani insurance industry and their impact on companies and the industry's future.

Companies mentioned

National Life & General Insurance Company SAOC

Dhofar Insurance

Oman United Insurance

Al Ahlia Insurance

The New India Assurance

Axa Insurance

Oman Qatar Insurance Company

Vision Insurance

Falcon Insurance

Arabia Insurance

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 INDUSTRY OUTLOOK

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 LIFE INSURANCE OUTLOOK

5.1 Individual Life Insurance

5.1.1 Gross written premium

5.1.2 Policies

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Gross written premium

5.2.2 Policies

5.2.3 Penetration

6 NON-LIFE INSURANCE OUTLOOK

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Policies

6.1.3 Penetration

6.1.4 Claims

6.1.5 Profitability

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Policies

6.2.3 Penetration

6.2.4 Claims

6.2.5 Profitability

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Policies

6.3.3 Penetration

6.3.4 Claims

6.3.5 Profitability

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Policies

6.4.3 Penetration

6.4.4 Claims

6.4.5 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

7.1 Personal Accident and Health Insurance

7.1.1 Gross written premium

7.1.2 Policies

7.1.3 Penetration

7.1.4 Claims

7.1.5 Profitability

8 REINSURANCE OUTLOOK

8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS

10.1 Flooding

10.2 Cyclone

10.3 Exposure

11 COMPETITIVE LANDSCAPE

11.1 Company Profiles

11.1.1 National Life & General Insurance Company company overview

11.1.2 Dhofar Insurance Company company overview

11.1.4 Oman United Insurance Company company overview

11.1.5 Al Ahlia Insurance Company company overview

11.1.6 The New India Assurance Company company overview

12 GOVERNANCE, RISK AND COMPLIANCE

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life Insurance

12.3.2 Property Insurance

12.3.3 Motor Insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third party liability insurance

12.4.2 Workers’ compensation insurance

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 Capital Market Authority

12.5.3 Oman Insurance Association

12.6 Non-Admitted Insurance Regulation

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

13 DATABOOK

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.1.4 Individual life insurance

13.1.5 Group life insurance

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by product

13.2.6 Motor insurance

13.2.7 Motor insurance by product

13.2.8 Liability insurance

13.2.9 Marine, aviation and transit insurance

13.3 Personal Accident and Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

13.3.4 Personal accident insurance

14 DEFINITIONS AND METHODOLOGY

14.1 Definitions

14.2 Methodology

15 ABOUT TIMETRIC

15.1 Contact Timetric

15.2 About Timetric

15.3 Timetric’s Services

15.4 Disclaimer

List of Tables

Table 1: Omani Insurance Industry Key Facts, 2015

Table 2: Omani Insurance Industry Segment Shares of the Top Insurers, 2014

Table 3: Omani Government Credit Ratings

Table 4: Omani Insurance Industry Gross Written Premium by Segment (OMR Million), 20112015

Table 5: Omani Insurance Industry Gross Written Premium by Segment (OMR Million), 20152020

Table 6: Omani Insurance Industry Density by Segment (OMR), 20112015

Table 7: Omani Insurance Industry Density by Segment (OMR), 20152020

Table 8: Omani Insurance Industry Number of Policies Sold by Segment (Thousand), 20112015

Table 9: Omani Insurance Industry Number of Policies Sold by Segment (Thousand), 20152020

Table 10: Omani Insurance Industry Paid Claims by Segment (OMR Million), 20112015

Table 11: Omani Insurance Industry Paid Claims by Segment (OMR Million), 20152020

Table 12: Omani Insurance Industry Total Assets by Segment (OMR Million), 20112015

Table 13: Omani Insurance Industry Total Assets by Segment (OMR Million), 20152020

Table 14: Omani Insurance Industry Total Investment Income by Segment (OMR Million), 20132015

Table 15: Omani Insurance Industry Total Investment Income by Segment (OMR Million), 20152020

Table 16: Omani Insurance Industry Life Insurance Investment Portfolio (OMR Million), 20112015

Table 17: Omani Insurance Industry Life Insurance Investment Portfolio (OMR Million), 20152020

Table 18: Omani Insurance Industry Non-Life Insurance Investment Portfolio (OMR Million), 20112015

Table 19: Omani Insurance Industry Non-Life Insurance Investment Portfolio (OMR Million), 20152020

Table 20: Omani Insurance Industry Personal Accident and Health Insurance Investment Portfolio (OMR Million), 20112015

Table 21: Omani Insurance Industry Personal Accident and Health Insurance Investment Portfolio (OMR Million), 20152020

Table 22: Omani Individual Life Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 23: Omani Individual Life Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 24: Omani Individual Life Insurance Number of Active Policies (Thousand), 20112015

Table 25: Omani Individual Life Insurance Number of Active Policies (Thousand), 20152020

Table 26: Omani Group Life Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 27: Omani Group Life Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 28: Omani Group Life Insurance Number of Active Policies (Thousand), 20112015

Table 29: Omani Group Life Insurance Number of Active Policies (Thousand), 20152020

Table 30: Omani Property Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 31: Omani Property Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 32: Omani Property Insurance Number of Active Policies (Thousand), 20112015

Table 33: Omani Property Insurance Number of Active Policies (Thousand), 20152020

Table 34: Omani Property Insurance Paid Claims (OMR Million and US$ Million), 20112015

Table 35: Omani Property Insurance Paid Claims (OMR Million and US$ Million), 20152020

Table 36: Omani Property Insurance Loss Ratio (%), 20112015

Table 37: Omani Property Insurance Loss Ratio (%), 20152020

Table 38: Omani Motor Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 39: Omani Motor Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 40: Omani Motor Insurance Number of Active Policies (Thousand), 20112015

Table 41: Omani Motor Insurance Number of Active Policies (Thousand), 20152020

Table 42: Omani Motor Insurance Paid Claims (OMR Million and US$ Million), 20112015

Table 43: Omani Motor Insurance Paid Claims (OMR Million and US$ Million), 20152020

Table 44: Omani Motor Insurance Loss Ratio (%), 20112015

Table 45: Omani Motor Insurance Loss Ratio (%), 20152020

Table 46: Omani Liability Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 47: Omani Liability Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 48: Omani Liability Insurance Number of Active Policies (Thousand), 20112015

Table 49: Omani Liability Insurance Number of Active Policies (Thousand), 20152020

Table 50: Omani Liability Insurance Paid Claims (OMR Thousand and US$ Million), 20112015

Table 51: Omani Liability Insurance Paid Claims (OMR Thousand and US$ Million), 20152020

Table 52: Omani Liability Insurance Loss Ratio (%), 20112015

Table 53: Omani Liability Insurance Loss Ratio (%), 20152020

Table 54: Omani Marine, Aviation and Transit Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 55: Omani Marine, Aviation and Transit Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 56: Omani Marine, Aviation and Transit Insurance Number of Active Policies (Thousand), 20112015

Table 57: Omani Marine, Aviation and Transit Insurance Number of Active Policies (Thousand), 20152020

Table 58: Omani Marine, Aviation and Transit Insurance Paid Claims (OMR Thousand and US$ Million), 20112015

Table 59: Omani Marine, Aviation and Transit Insurance Paid Claims (OMR Thousand and US$ Thousand), 20152020

Table 60: Omani Marine, Aviation and Transit Insurance Loss Ratio (%), 20112015

Table 61: Omani Marine, Aviation and Transit Insurance Loss Ratio (%), 20152020

Table 62: Omani Personal Accident and Health Insurance Gross Written Premium (OMR Million and US$ Million), 20112015

Table 63: Omani Personal Accident and Health Insurance Gross Written Premium (OMR Million and US$ Million), 20152020

Table 64: Omani Personal Accident and Health Insurance Number of Active Policies (Thousand), 20112015

Table 65: Omani Personal Accident and Health Insurance Number of Active Policies (Thousand), 20152020

Table 66: Omani Personal Accident and Health Insurance Paid Claims (OMR Million and US$ Million), 20112015

Table 67: Omani Personal Accident and Health Insurance Paid Claims (OMR Million and US$ Million), 20152020

Table 68: Omani Personal Accident and Health Insurance Loss Ratio (%), 20112015

Table 69: Omani Personal Accident and Health Insurance Loss Ratio (%), 20152020

Table 70: Omani Reinsurance Premium Ceded by Insurance Segment (OMR Million), 20112015

Table 71: Omani Reinsurance Premium Ceded by Insurance Segment (OMR Million), 20152020

Table 72: Omani Insurance Industry Shares (%) of Leading Insurers, 2014

Table 73: Omani Insurance Segment Shares (%) of Leading Life Insurers, 2014

Table 74: Omani Insurance Segment Shares (%) of Leading Non-Life Insurers, 2014

Table 75: Omani Insurance Segment Shares (%) of Leading Health Insurers, 2014

Table 76: National Life & General Insurance Company Key Facts

Table 77: Dhofar Insurance Company Key Facts

Table 78: Oman United Insurance Company Key Facts

Table 79: Al Ahlia Insurance Company Key Facts

Table 80: The New India Assurance Company Key Facts

Table 81: Oman Insurance Regulatory Framework Key Features

Table 82: Oman Life Insurance Regulatory Framework

Table 83: Oman Property Insurance Regulatory Framework

Table 84: Oman Motor Insurance Regulatory Framework

Table 85: Oman No-Claims Discount Percentages for Comprehensive and Third-Party Insurance

Table 86: Oman Liability Insurance Regulatory Framework

Table 87: Oman Corporate Tax Rates for the Financial Year 2016

Table 88: Omani Life Insurance Policies and Premium, 20112015

Table 89: Omani Life Insurance Policies and Premium, 20152020

Table 90: Omani Life Insurance Claims and Expenses, 20112015

Table 91: Omani Life Insurance Claims and Expenses, 20152020

Table 92: Omani Life Insurance Assets and Investments, 20112015

Table 93: Omani Life Insurance Assets and Investments, 20152020

Table 94: Omani Life Insurance Individual Life Insurance, 20112015

Table 95: Omani Life Insurance Individual Life Insurance, 20152020

Table 96: Omani Life Insurance Group Life Insurance, 20112015

Table 97: Omani Life Insurance Group Life Insurance, 20152020

Table 98: Omani Non-Life Insurance Policies and Premium, 20112015

Table 99: Omani Non-Life Insurance Policies and Premium, 20152020

Table 100: Omani Non-Life Insurance Claims and Expenses, 20112015

Table 101: Omani Non-Life Insurance Claims and Expenses, 20152020

Table 102: Omani Non-Life Insurance Assets and Investments, 20112015

Table 103: Omani Non-Life Insurance Assets and Investments, 20152020

Table 104: Omani Non-Life Insurance Property Insurance, 20112015

Table 105: Omani Non-Life Insurance Property Insurance, 20152020

Table 106: Omani Non-Life Insurance Property Insurance by Product, 20112015

Table 107: Omani Non-Life Insurance Property Insurance by Product, 20152020

Table 108: Omani Non-Life Insurance Motor Insurance, 20112015

Table 109: Omani Non-Life Insurance Motor Insurance, 20152020

Table 110: Omani Non-Life Insurance Motor Insurance by Product, 20112015

Table 111: Omani Non-Life Insurance Motor Insurance by Product, 20152020

Table 112: Omani Non-Life Insurance Liability Insurance, 20112015

Table 113: Omani Non-Life Insurance Liability Insurance, 20152020

Table 114: Omani Non-Life Insurance Marine, Aviation and Transit Insurance, 20112015

Table 115: Omani Non-Life Insurance Marine, Aviation and Transit Insurance, 20152020

Table 116: Omani Personal Accident and Personal Accident and Health Insurance Policies and Premium, 20112015

Table 117: Omani Personal Accident and Personal Accident and Health Insurance Policies and Premium, 20152020

Table 118: Omani Personal Accident and Personal Accident and Health Insurance Claims and Expenses, 20112015

Table 119: Omani Personal Accident and Personal Accident and Health Insurance Claims and Expenses, 20152020

Table 120: Omani Personal Accident and Personal Accident and Health Insurance Assets and Investments, 20112015

Table 121: Omani Personal Accident and Personal Accident and Health Insurance Assets and Investments, 20152020

Table 122: Omani Personal Accident and Personal Accident and Health Insurance Personal Accident Insurance, 20112015

Table 123: Omani Personal Accident and Personal Accident and Health Insurance Personal Accident Insurance, 20152020

Table 124: Insurance Industry Definitions

List of Figures

Figure 1: Omani Real GDP (OMR Million), 20112020

Figure 2: Omani Consumer Price Inflation (%), 20112020

Figure 3: Omani Current Account Balance as a Percentage of GDP (%), 20112015

Figure 4: Omani Unemployment Rate, 20112020

Figure 5: Omani Population by Age Group, 19932025

Figure 6: Omani Life Insurance Penetration Regional Comparison (%), 2015

Figure 7: Omani Non- Life Insurance Penetration Regional Comparison (%), 2015

Figure 8: Omani Personal Accident and Health Insurance Penetration Regional Comparison (%), 2015

Figure 9: Omani Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015

Figure 10: Omani Insurance Industry Gross Written Premium by Segment, 20112020

Figure 11: Omani Insurance Industry Density by Segment (OMR), 20112020

Figure 12: Omani Insurance Industry Number of Policies Sold by Segment (Thousand), 20112020

Figure 13: Omani Insurance Industry Paid Claims by Segment (OMR Million), 20112020

Figure 14: Omani Insurance Industry Total Assets by Segment (OMR Million), 20112020

Figure 15: Omani Insurance Industry Total Investment Income by Segment (OMR Million), 20132020

Figure 16: Omani Insurance Industry Life Insurance Investment Portfolio (OMR Million), 20112020

Figure 17: Omani Insurance Industry Life Insurance Investment Portfolio Dynamics by Category (OMR Million), 20112020

Figure 18: Omani Insurance Industry Non-Life Insurance Investment Portfolio (OMR Million), 20112020

Figure 19: Omani Insurance Industry Non-Life Insurance Investment Portfolio Dynamics by Category (OMR Million), 20112020

Figure 20: Omani Insurance Industry Personal Accident and Health Insurance Investment Portfolio (OMR Million), 20112020

Figure 21: Omani Insurance Industry Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (OMR Million), 20112020

Figure 22: Omani Individual Life Insurance Gross Written Premium (OMR Million), 20112020

Figure 23: Omani Individual Life Insurance Number of Active Policies (Thousand), 20112020

Figure 24: Omani Individual Life Insurance Penetration (%), 20112015

Figure 25: Omani Individual Life Insurance Penetration (%), 20152020

Figure 26: Omani Group Life Insurance Gross Written Premium (OMR Million), 20112020

Figure 27: Omani Group Life Insurance Number of Active Policies (Thousand), 20112020

Figure 28: Omani Group Life Insurance Penetration (%), 20112015

Figure 29: Omani Group Life Insurance Penetration (%), 20152020

Figure 30: Omani Property Insurance Gross Written Premium (OMR Million), 20112020

Figure 31: Omani Property Insurance Number of Active Policies (Thousand), 20112020

Figure 32: Omani Property Insurance Penetration (%), 20112015

Figure 33: Omani Property Insurance Penetration (%), 20152020

Figure 34: Omani Property Insurance Paid Claims (OMR Million), 20112020

Figure 35: Omani Property Insurance Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 20112020

Figure 36: Omani Motor Insurance Gross Written Premium (OMR Million), 20112020

Figure 37: Omani Motor Insurance Number of Active Policies (Thousand), 20112020

Figure 38: Omani Motor Insurance Penetration (%), 20112015

Figure 39: Omani Motor Insurance Penetration (%), 20152020

Figure 40: Omani Motor Insurance Paid Claims (OMR Million), 20112020

Figure 41: Omani Motor Insurance Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 20112020

Figure 42: Omani Liability Insurance Gross Written Premium (OMR Million), 20112020

Figure 43: Omani Liability Insurance Number of Active Policies (Thousand), 20112020

Figure 44: Omani Liability Insurance Penetration (%), 20112015

Figure 45: Omani Liability Insurance Penetration (%), 20152020

Figure 46: Omani Liability Insurance Paid Claims (OMR Million), 20112020

Figure 47: Omani Liability Insurance Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 20112020

Figure 48: Omani Marine, Aviation and Transit Insurance Gross Written Premium (OMR Million), 20112020

Figure 49: Omani Marine, Aviation and Transit Insurance Number of Active Policies (Thousand), 20112020

Figure 50: Omani Marine, Aviation and Transit Insurance Penetration (%), 20112015

Figure 51: Omani Marine, Aviation and Transit Insurance Penetration (%), 20152020

Figure 52: Omani Marine, Aviation and Transit Insurance Paid Claims (OMR Thousand), 20112020

Figure 53: Omani Marine, Aviation and Transit Insurance Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 20112020

Figure 54: Omani Personal Accident and Health Insurance Gross Written Premium (OMR Million), 20112020

Figure 55: Omani Personal Accident and Health Insurance Number of Active Policies (Thousand), 20112020

Figure 56: Omani Personal Accident and Health Insurance Penetration (%), 20112015

Figure 57: Omani Personal Accident and Health Insurance Penetration (%), 20152020

Figure 58: Omani Personal Accident and Health Insurance Paid Claims (OMR Million), 20112020

Figure 59: Omani Personal Accident and Health Insurance Earned Premium, Incurred Loss and Loss Ratio (OMR Million and %), 20112020

Figure 60: Omani Reinsurance Premium Ceded by Insurance Segment (OMR Million), 20112020

Figure 61: Omani Life Insurance Percentage of Reinsurance Ceded (%), 20112020

Figure 62: Omani Non-Life Insurance Percentage of Reinsurance Ceded (%), 20112020

Figure 63: Omani Personal Accident and Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 20112020

Figure 64: Omani Insurance Industry Shares (%) of Leading Insurers, 2014

Figure 65: Omani Insurance Segment Shares (%) of Leading Life Insurers, 2014

Figure 66: Omani Insurance Segment Shares (%) of Leading Non-Life Insurers, 2014

Figure 67: Omani Insurance Segment Shares (%) of Leading Health Insurers, 2014

Figure 68: Oman Insurance Supervision and Control at Various Levels

Figure 69: Oman Insurance Regulatory Frameworks for Company Registration and Operation

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