Market Report, "Oman Insurance Report Q1 2015", published

From: Fast Market Research, Inc.
Published: Tue Dec 16 2014

BMI remains of the view that the Omani insurance sector will achieve steady single-digit growth over the forecast period, largely driven by a strong economy. However, the market will remain regionally small and underdeveloped. As such, the sector will continue to be characterised by sub-scale insurers competing on the basis of price across basic lines.

Steady growth, largely as a result of sustained economic growth will characterise the Omani insurance sector over the forecast period. However, the market will remain small in absolute terms. Moreover, intense price competition in basic lines among sub-scale players will continue to prevent the sector achieving optimal growth in premiums. As is the case with many regional markets, low retention rates, often below 50%, continue to undermine insurers' profitability levels. This is because small scale insurers are forced to forgo a large portion of their revenue in the form of outward reinsurance.

Full Report Details at

The government has recently announced new regulatory reforms, which include raising the minimum capital requirement. Although the measures are in their infancy, and have proved controversial, it is hoped that they should discourage sub-scale entrants to the market. This should drive a period of consolidation, which in turn could facilitate a move towards higher retention ratios and a shift in focus away from price competition towards greater product diversity and innovation. The wealthy, western expatriate community will remain a driving force, particularly in certain sub-sectors. This is certainly true of health insurance, where the expatriate community will largely fuel demand. In part the segment suffers due to the provision of public healthcare by the government for the local population, as well as a low perception of the benefits of private healthcare among Omanis.

Despite the prospect of regulatory reform, we do not identify any potential catalyst for growth beyond an increase in the volume of...

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:

- Philippines Insurance Report Q1 2015
- Mexico Insurance Report Q1 2015
- Poland Insurance Report Q1 2015
- China Insurance Report Q1 2015
- South Korea Insurance Report Q1 2015
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email:
Contact Phone: 1-413-485-7001

Visit website »