This chapter includes the following articles.
Oman’s insurance sector has continued to expand and was the second fastest-growing insurance market among GCC countries from 2007 to 2013. Gross written premiums reached $942.5m by year-end 2013, a 10.44% increase year-on-year from 2012, with the motor segment accounting for 41% of this total in both years. In August 2014 the Capital Market Authority (CMA), the industry regulator, introduced a number of amendments to Oman’s insurance law, requiring underwriters to raise their minimum paid-up capital to $25.9m – up from $12.9m previously – and to list a certain percentage of their shares on the Muscat Securities Market (MSM). Legislation passed by the Central Bank of Oman in recent years has paved the way for an increase in sharia-compliant products in the insurance market. This chapter contains an interview with Abduladheem Al Lawati, Chairman, Oman Insurance Association.