The Capital Market Authority has issued the 10th edition of the Insurance Market Review which highlights the key indicators of the industry in the Sultanate such as gross premiums, claims, number of policies, insurers, brokers, finances of insurers and performance during the year.
Audited statements for 2013 suggest increase in gross premiums by 10% to RO 359.93 million at the end of 2013 compared to RO 326.81 million at the end of the previous year. The number of life and general polices issued by insurers have increased by 8% to 1,196,753 compared to 1,112,800 in 2012.
CMA continued its endeavors to increase Omanization ratio in the sector and increased it from 63% in 2012 to 64% in 2013.
CMA issues the Insurance Market Review annually due to its importance to the market participants and interested parties in the Sultanate and abroad.