Oman Insurance Report - Business Monitor International - Industry Reports

Oman Insurance Report

Oman Insurance Report - Business Monitor International - Industry Reports
Oman Insurance Report
Published Oct 15, 2016
60 pages — Published Oct 15, 2016
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Abstract:

The life sector will remain the minor segment by far and is unlikely to top --.- of total premiums even over the long term. Growth potential is limited by the lack of demand among the local population and the reliance on the expatriate population, which itself is under pressure from the government s Omanisation programme. ...Growth potential is limited by the lack of demand among the local population and the reliance on the expatriate population, which itself is under pressure from the government s Omanisation programme. As a result, the Omani life sector will remain a small market for the foreseeable future in absolute and relative terms, despite strong (ex-pat driven) growth from a very low base in recent years, including an estimated --.- year-on-year in ----. By any measure, Oman s life sector is still a very small market in the early stages of development, with premiums coming from a very low base. ...While there is reason to look for a change in public perceptions, given the current lack of awareness of the benefits of life solutions, the segment will remain minor in comparison to its non-life counterpart. This lack of local demand will curtail the segment s upside potential in the period to at least ----, even in the face of greater product innovation.

...Over the recent past, the life sector has represented a fraction of total premiums and this will continue to be the case over ---- and beyond. In large part, the reason for the segment s embryonic stage of development is a lack of demand among the Omani population. ...Life density (gross premiums per capita) will remain small over ----, at around USD--.-. The trends that have historically held back the segment will remain barriers to growth over the medium term, though steady economic growth should encourage a few Omanis to view life insurance as an increasingly viable conduit for savings. On the upside, the expectation of constant inflation should increase the appeal of life insurance to local investors, who can be confident that the value of their investment will not be eroded by volatile inflationary pressures. ...On the upside, the expectation of constant inflation should increase the appeal of life insurance to local investors, who can be confident that the value of their investment will not be eroded by volatile inflationary pressures. However, the real driver of growth will be the expatriate community, who do not have access to state welfare and are required to seek private life solutions.

...---- was another strong year for Oman s non-life insurance sector, as preliminary data indicates that gross premiums written rose -.- in both USD and OMR terms (to OMR---m), an acceleration from the -.- recorded in ----. We expect robust growth in the non-life sector ranging between -.- and -.- per year during the period ---- to ----. ...

  
Source:
Document ID
1752-8321
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Oman Insurance Report" Oct 15, 2016. Alacra Store. Dec 10, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Oman-Insurance-Report-2026-568>
  
APA:
Business Monitor International - Industry Reports. (2016). Oman Insurance Report Oct 15, 2016. New York, NY: Alacra Store. Retrieved Dec 10, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Oman-Insurance-Report-2026-568>
  
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