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Muscat: The contribution of the insurance coverage sector to the GDP amounted to 1.45 per cent, resulted from a 3 per cent enhance within the gross direct premiums of the insurance coverage sector to succeed in OMR479.857 million on the finish of the 12 months 2021 in comparison with OMR465,895 million on the finish of the 12 months 2020, based on the 18th version of the Statistical Yearbook of Insurance coverage Sector Indicators for the 12 months 2021 issued by the Capital Market Authority (CMA).
The audited monetary statements and indicators for the 12 months 2021 confirmed combined outcomes in comparison with the indications of previous years. The information confirmed that. The information additionally signifies that medical health insurance premiums accounted for 34 per cent of the gross direct written premiums, whereas the motor insurance coverage, each complete and third get together, represented 21 per cent of the full gross premiums.
As for Takaful, gross direct premiums amounted to OMR70.779 million on the finish of the 12 months 2021, in comparison with OMR64.847 million on the finish of 2020, whereas the expansion fee elevated by about 9.1 per cent and the Takaful constituted 15 per cent of the gross direct premiums within the sector on the whole and 13 per cent of the full compensations paid throughout the identical interval. Premiums collected by insurance coverage brokers amounted to 49 per cent of the gross insurance coverage premiums.
The yearbook, which mirrors all quantitative and qualitative indicators and statistical and monetary information, similar to insurance coverage premiums, paid claims, variety of issued insurance policies, retention ratios and losses for numerous insurance coverage actions and geographical distribution of branches and brokers all around the Sultanate, along with the monetary indicators of insurance coverage firms and their operational efficiency throughout the 12 months.
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