New Market Report: Oman Insurance Report Q4 2014

From: Fast Market Research, Inc.
Published: Mon Sep 08 2014

Looking ahead to 2015 and beyond, we anticipate that Oman's insurance sector will achieve steady growth. As a whole, the sector will remain small and under-developed. We envisage that forecast growth will largely come from an increase i n the volume of policies.

By many metrics, Oman's insurance sector will remain a small market opportunity. The sector is small and fragmented, with intense price competition. The existence of sub-scale insurers across the sector has in part caused low retention rates, often below 50%. This is because such insurers are forced to forgo a significant portion of their premiums in outwards reinsurance. We do not envisage that this competitive landscape will change over the forecast period. Indeed market consolidation, caused by a wave of mergers and acquisitions, remains unlikely. As such, growth will largely come from an increase in the volume of policies. In areas such as health insurance this will be driven by the wealthy, western expatriate community. Overall, the sector will rely on, and be driven by, consistent economic growth, which should stimulate demand for insurance solutions.

Full Report Details at

We do not identify any potential catalyst for growth beyond an increase in the volume of policies. Most of the insurers operating in the market are not subsidiaries of multi-nationals, and as such lack the ability to introduce innovative products and means of distribution. The exception to this is al-Ahlia, an affiliate of global non-life major RSA Insurance. Given that most domestic operators lack scale, it is no surprise that many focus in basic non-life segment lines such as motor and home insurance. This not only encourages intense price competition in these sub-sectors, but also leaves other sub-sectors underdeveloped.

As of yet, Oman has not benefitted from the growth in takaful, Sharia-compliant, insurance solutions. This area has proved a key factor in other regional markets such as the UAE and Saudi Arabia. The Capital Markets...

The Oman Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Oman Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Omani insurance industry.

Key Benefits

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

You may also be interested in these related reports:

- Greece Insurance Report Q4 2014
- Mexico Insurance Report Q4 2014
- Indonesia Insurance Report Q4 2014
- United States Insurance Report Q4 2014
- United Arab Emirates Insurance Report Q4 2014

Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email:
Contact Phone: 1-413-485-7001

Visit website »