Insurance
From The Report: Oman 2019
View in Online Reader

Despite difficult economic conditions, insurers have succeeded in posting consistent net profits in recent years. With the economy recovering from the decline in global oil prices starting in mid-2014, the industry is well positioned to take advantage of new opportunities. This is especially true as the government moves to implement mandatory health care coverage for both foreign and domestic employees. The sector is not without its challenges, however. Competition remains intense, and in some cases the pursuit of premium has eroded underwriting standards and become a challenge to the long-term sustainability of the sector. Nevertheless, increasing awareness of offerings, a growing population, new compulsory lines and ongoing market reforms are working in tandem to give the industry notable momentum.

Articles from this Chapter

Overview

Notable momentum: A number of factors bode well for growth in the industry
OBG
plus

Despite difficult economic conditions, Oman’s insurers have succeeded in posting consistent net profits in recent years. With the economy recovering from the decline in global oil prices starting at the end of 2014, the industry is well positioned to take advantage of new opportunities. This is especially true as the government moves to implement mandatory health care coverage for both foreign and domestic employees. The sector is not without its challenges, however. Competition in the market remains…

Overview

Reassuring trend: New reinsurance programmes are bolstering coverage against natural disasters in emerging markets
OBG
plus

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By the Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. With long histories of trading risk, a general acceptance of the relevant products,…

Overview

Reassuring trend: New reinsurance programmes are bolstering coverage against natural disasters in emerging markets
OBG
plus

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By the Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. With long histories of trading risk, a general acceptance of the relevant products,…