The total direct underwritten premiums increases by 13%, at RO 431 million, in the third quarter of the current year (up until last September).

 

The recent unaudited financial statements of insurance companies indicate that the Insurance Sector in the Sultanate of Oman increased by 13% in total direct underwritten insurance premiums, reaching RO 133 million during the third quarter of the year 2022, compared to RO 118 million in the same period last year.  The National Companies share took over 83% of the volume of the underwritten premiums reaching about RO 111 million compared to RO 99.4 million in the same period in 2021.  The volume of the underwritten premiums reached above RO 431 million during the last three quarters of the current year (till the end of last September).  

The underwriting results of the insurance companies showed indices’ variance of the value for the total underwritten premiums (per product category) during the third quarter of 2021 and 2022.  The insurance premiums for liability increased by 19% while the vehicles insurance premiums (third party) rose by 21.1%. The insurance premiums for engineering saw the highest increase by 41% reaching about RO 6.7 million, compared to RO 4.8 million in the same period in 2021.  As for the insurance premiums for transportation and property insurance, they decreased by 16% and 11%, respectively.  Based on the ranking of the insurance products’ shares out of the total insurance portfolio, the indices illustrate that health insurance products continued to be the highest at 36% followed by property insurance and vehicles insurance (third part) at 14% and 11%, respectively.  

The data indicated a 14% rise in the total net premiums written- which are the premiums the company keeps minus the premiums ceded to reinsurance companies- in the third quarter of 2022, compared to the same period in 2021. This increase coincided with the growth in net premiums in most insurance products, as the net premiums of the group life insurance saw the highest increase, by 53%, at about RO 4.8 million.  Meanwhile, compared to the same period in 2021, vehicle insurance rose by 23% to reach about RO 13.3 million.

The data for the operating results of the third quarter recorded a noticeable decrease in net commissions by 185%.  In contrast, the values for earned premiums, net compensation and general and administrative expenses increased by 26%, 28% and 14.7%, respectively.

 

It is worth mentioning that the total number of employees in the national and foreigner companies during the third quarter of 2022 was 2167 employee, 1813 of which are Omanis; making the Omanization percentage at about 84%.