Insurance sector's contribution to GDP in Oman amounts to 1.45%

Muscat: 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 OMR479.857 million at the end of the year 2021 compared to OMR465,895 million at the end of the year 2020, according to the 18th edition of the Statistical Yearbook of Insurance Sector Indicators for the year 2021 issued by the Capital Market Authority (CMA).

The audited financial statements and indicators for the year 2021 showed mixed results compared to the indicators of past years. The data showed that. 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 OMR70.779 million at the end of the year 2021, compared to OMR64.847 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 yearbook, 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, in addition to the financial indicators of insurance companies and their operational performance during the year.