New Market Research Report: Oman Insurance Report Q1 2011

New Financial Services market report from Business Monitor International: "Oman Insurance Report Q1 2011"
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Feb. 22, 2011 - PRLog -- Oman's insurance sector is small but rapidly growing in global and regional terms with an embryonic life segment. In our last report we noted that in terms of gross written premiums, Dhofar Insurance had by far the largest market share, followed by Oman United Insurance and al-Ahlia Insurance. Together, these companies accounted for 70-75% of non-life premiums written in 2008. Oman National Life remains significant in the life sector.

Since then there has been a major change in the competitive landscape as ONIC Holdings sold its controlling interest in al-Ahlia in 2010 to RSA Oman - the local subsidiary of the UK-based property/casualty company with a global reach. In return, ONIC received a 20% stake in RSA Oman. This appears to be a good deal for all concerned. ONIC and the minority shareholders in RSA Oman have investments in what is, by net written premiums, the largest player in the insurance sector, while RSA dramatically increased its market share. By operating under the aegis of RSA Oman, al-Ahlia now has access to the considerable resources of the global group.

In this report we also provide a breakdown of the insurance sector by line - from the point of view of the regulator or trade association. In 2008, comprehensive motor insurance (predominantly compulsory motor third party liability insurance, CMTPL) was the largest line in Oman, accounting for about half of gross written premiums. Other major lines included property and transport insurance.

At the time of writing, we have been able to ensure that the report includes actual data for 2009. On the basis of information released by several of the larger insurance companies during 2010, we estimate total premiums for the year as a whole, of OMR180mn. This includes non-life premiums of OMR142mn and life premiums of OMR39mn. In 2015, the corresponding figures are forecast to be OMR2977mn, OMR 254mn and OMR43mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 0.7% in 2010 to 0.98% in 2015, and for life density to rise from US$35 per capita to US$37 over the same period. BMI's Insurance Business Environment Rating for Oman is 48.7.

Issues To Watch

Further Corporate Realignment

In the context of the Middle East, ONIC Holdings is unusual for having taken the view that it is better to own 20% of an enlarged RSA Oman than all of al-Ahlia. Time will tell if other participants in Oman's insurance sector (and its counterparts elsewhere in the Middle East, for that matter) take a similar view. Aside from Saudi Arabia's Tawuniya, there are not really any indigenous insurance companies in the Arab countries of the Middle East that would be regarded as large organisations elsewhere.

Business Conducted For Expatriates

For a small country that does not clearly aspire to evolve as the financial services centre of the Middle East, Oman's insurance market is remarkably open to foreign participation. Foreign groups that are active include the local subsidiaries of New India, Life Insurance Company from India and Bimeh Iran. We presume these companies are mainly serving expatriate customers. Their businesses should, therefore, be leveraged to an overall expansion of Oman's economy.

For more information or to purchase this report, go to:

Partial Table of Contents:

Executive Summary
- Table: Overview Of Oman's Insurance Sector
- Key Insights On Oman's Insurance Sector
- Issues To Watch
SWOT Analysis
- Oman Insurance Industry SWOT
- Oman Political SWOT
- Oman Economic SWOT
- Oman Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Middle East And Africa Overview
- Table: Non-Life Segment Premiums, 2009-2010
- Table: Life Segment Premiums, 2009-2010
Islamic Insurance Overview
Projections And Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Outlook
- Table: Oman Economic Activity, 2008-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- Table: Oman's Insurance Business Environment Rating
- Table: Middle East And Africa Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players in Oman's Insurance Sector
- Table: Gross Premiums Written By Selected Companies, H108-H109 (OMRmn)
- Table: Gross Written Premiums, 2007-2008 (OMRmn)
Analysis Of Regional Competitive Conditions
Selected Company Profiles
- Local Company Profiles
- Al-Ahlia Insurance Company/ RSA Oman
- Dhofar Insurance Company
- National Life & General Insurance Company
- Oman United Insurance Company
- Regional Company Profiles
- Arab Insurance Group BSC (ARIG)
- Chartis
- Allianz
- Aviva
- Generali
- HSBC Insurance
- MetLife ALICO
- Zurich Financial Services
Country Snapshot: Oman Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2030

Full Table of Contents is available at:

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
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Tags:Insurance, Premiums, Rsa, Onic, Written, Ahlia, al, Non-life, Expatriates, Motor
Industry:Finance, Research, Banking
Location:Massachusetts - United States
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