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Oman Insurance Report Q2 2013

  • Publication Date:April 2013
  • Publisher:Business Monitor
  • Product Type: Report
  • Pages:86
  • ISBN:190772

Oman Insurance Report Q2 2013

Includes 3 FREE quarterly updates

As of early 2013, it is clear that conditions have been mixed for the major players in both segments. In the
non-life segment, it appears that al-Ahlia, the local subsidiary of RSA, has been gaining market share at the
expense of the other companies. In the life segment, National Life & General Insurance, the main
subsidiary of ONIC Holding has achieved substantial growth: this has been thanks to greater sales of health
insurance products, both in Oman and the UAE. Other companies have reported declining premiums - in
some instances as a result of a deliberate policy to focus on profitability rather than growth. Meanwhile,
earnings from investments - for most companies at least - appear to have improved dramatically in
comparison with the very difficult period that was H111.
Overall, though, nothing has happened to change BMI's view that Oman will likely remain home to an
insurance sector that is small, fragmented and highly competitive. Over recent years, premiums in both
segments have been growing at low double-digit rates. Retention rates are low (often well below 50%).
Over the last year or so, motor-related claims have been unacceptably high. The insurers remain vulnerable
to volatility in the underdeveloped financial markets of Oman and other countries in the region.
BMI Industry View 7
Table: Total Premiums, 2010-2017 8
Insurance 9
Political 11
Economic 12
Business Environment 13
Industry Forecast 14
Life 14
Table: Life Premiums, 2010-2017 14
Non Life 14
Table: Non-Life Premiums, 2010-2017 15
Industry Risk Reward Ratings 16
Table: Oman's Insurance Risk/Reward Ratings 16
Table: MEA Insurance Risk/Reward Ratings 18
Market Overview 19
Life Sector Update 19
Non Life Sector Update 19
Industry Trends And Developments 21
Life Growth Drivers and Risk Management Projections 21
Population 21
Table: Insurance Key Drivers, Demographics, 2010-2017 21
Non Life Growth Drivers and Risk Management Projections 22
Macroeconomic Outlook 22
Table: Oman - GDP By Expenditure, Current Prices Breakdown 25
Political Stability Outlook 25
Table: Middle East And Africa Security Ratings 28
Healthcare 28
Epidemiology 30
Table: Insurance Key Drivers, Disease Adjusted Life Years, 2010-2017 31
Competitive Landscape 33
Company Profile 36
Dhofar 36
National Life & General Insurance Company 39
Oman United Insurance Company 42
AIG 45
Allianz 50
AXA 53
Life Insurance Corporation of India 58
MetLife ALICO 61
The New India Assurance Company 65
RSA 69
Regional Overview 72
Middle East And North Africa Life Overview 72
Table: Table: Middle East And North Africa's Life Premiums, 2010-2017 (US$mn) 72
Middle East And North Africa Non Life Overview 76
Table: Middle East And North Africa's Non-Life Premiums, 2010-2017 (US$mn) 76
Demographic Forecast 79
Table: Oman's Population By Age Group, 1990-2020 ('000) 80
Table: Oman's Population By Age Group, 1990-2020 (% of total) 81
Table: Oman's Key Population Ratios, 1990-2020 82
Table: Oman's Rural And Urban Population, 1990-2020 82
Methodology 83
Insurance Risk/Reward Ratings 84
Table: Insurance Risk/Reward Ratings Indicators And Rationale 85
Weighting 86
Table: Weighting Of Indicators 86
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