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Belongings of insurance coverage companies elevated 7.5% to RO1.2bn
Muscat – Combination gross written premiums of insurance coverage firms working in Oman elevated by 3 per cent to RO479.85mn for the 12 months 2021 in contrast with RO465.89mn recorded within the earlier 12 months, the information launched by Capital Market Authority (CMA) confirmed on Wednesday.
The info indicated that the rise in complete premiums was primarily contributed by progress in life insurance coverage, household takaful and medical health insurance segments throughout final 12 months, whereas normal insurance coverage phase confirmed a light improve in premiums.
Gross direct premiums of normal insurance coverage inched up 0.7 per cent to RO258.67mn in 2021 in comparison with RO256.95mn within the earlier 12 months.
However, life insurance coverage and household takaful premiums grew by 6.6 per cent to RO57.321mn in 2021 from RO53.752mn recorded in 2020. Gross direct premiums for medical health insurance phase rose 5.6 per cent to RO163.866mn in contrast with RO155.193mn within the earlier 12 months.
Insurance coverage compensations paid by insurers marginally elevated by 0.1 per cent in 2021 in comparison with the 2020 figures. Whole compensations paid by insurers stood at RO289.83mn for 2021 as in comparison with RO289.6mn in 2020.
Whole compensations paid for normal insurance coverage insurance policies dropped 8.4 per cent to RO125.522mn in 2021 in contrast with RO136.975mn in 2020. Compensations paid for all times insurance coverage/household takaful elevated 38.6 per cent in 2021, whereas compensations paid for medical health insurance decreased 0.5 per cent.
Takaful premiums up 9.1%
Gross direct premiums of takaful (Islamic insurance coverage) firms working within the sultanate elevated by 9.1 per cent to RO70.78mn in 2021 from RO64.85mn in 2020. Takaful premiums at the moment signify roughly 15 per cent of complete premiums of the insurance coverage sector in Oman, the CMA knowledge confirmed.
Gross direct premiums for normal takaful elevated to RO44.16mn in 2021 from RO41.42mn within the earlier 12 months, whereas premiums for household takaful elevated 10.8 per cent to RO 13.47mn. Gross premiums for well being takaful rose 16.7 per cent to RO13.15mn in 2021 in comparison with RO11.27mn a 12 months in the past.
Whole takaful compensations paid by takaful insurers elevated 13.7 per cent to RO38.392mn in 2021 in comparison with RO33.777mn within the earlier 12 months, which constitutes 13 per cent of the full compensations paid by insurance coverage firms in Oman.
Insurers’ belongings attain RO1.2bn
Whole belongings of insurance coverage firms in Oman elevated by 7.5 per cent year-on-year to RO1.197bn on the finish of 2021. Of the full belongings, RO767.64mn have been associated to normal insurance coverage, RO219.97mn have been associated to life insurance coverage, and RO209.95mn belongings have been associated to medical health insurance.
The belongings of nationwide insurance coverage firms accounted for RO872.48mn or 72.8 per cent of the full, whereas overseas insurance coverage firms accounted for RO325mn value of belongings or 27.2 per cent of the full belongings.
Whole internet earnings of insurance coverage firms dropped by 47 per cent to RO25.76mn in 2021 from RO48.54mn recorded in 2020. The earnings of overseas insurance coverage firms have been about RO8.07mn in 2021 in comparison with RO14.938mn in 2020, a lower of 46 per cent.
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