Life insurance - Oman | Statista Market Forecast

The Life insurance market market in Oman is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is predicted to reach US$2.00bn in 2024.
Furthermore, it is estimated that the average spending per capita in the Life insurance market market will amount to US$424.20 in the same year.
Looking ahead, the market is expected to maintain a steady growth trajectory.
With an annual growth rate of 6.25% (CAGR 2024-2029), the gross written premium is projected to reach US$2.71bn by 2029.
This demonstrates the increasing importance of Life insurance market in Oman.
In a global context, it is worth noting that the United States is anticipated to generate the highest gross written premium in 2024, amounting to an impressive US$1.3tn.
This highlights the dominant position of the United States in the global Life insurance market market.
Overall, these figures illustrate the potential and significance of the Life insurance market market in Oman, as well as its position in the global landscape.
Oman's life insurance market is experiencing steady growth due to increasing awareness about the importance of financial protection and long-term planning.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

The Life insurance market in Oman has been experiencing notable developments and trends in recent years.

Customer preferences: Customers in Oman are increasingly seeking life insurance products that offer not only financial protection but also investment opportunities. This trend aligns with the global shift towards more comprehensive life insurance coverage that provides long-term benefits beyond just risk protection.

Trends in the market: One prominent trend in the Omani life insurance market is the growing popularity of unit-linked insurance plans. These plans allow policyholders to invest in a variety of funds while also receiving life insurance coverage, catering to individuals looking for both wealth accumulation and insurance protection. Additionally, there is a noticeable rise in the demand for customized life insurance solutions tailored to specific needs, reflecting a more sophisticated customer base in Oman.

Local special circumstances: Oman's insurance sector is heavily influenced by regulatory frameworks that aim to enhance transparency and consumer protection. The Insurance Regulatory Authority in Oman plays a crucial role in ensuring that insurance companies comply with regulations and operate ethically. This emphasis on regulatory oversight contributes to a sense of trust and reliability in the Omani life insurance market, attracting more customers to invest in insurance products.

Underlying macroeconomic factors: The steady economic growth in Oman, driven by diversification efforts beyond the oil sector, has had a positive impact on the life insurance market. As individuals experience increased disposable income and financial stability, the awareness and uptake of life insurance products have also risen. Moreover, the young demographic profile of Oman, with a growing middle class, presents significant opportunities for life insurance companies to expand their customer base and offer innovative products tailored to different life stages.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.