Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Oman

Oman

The General Liability Insurance market market in Oman is projected to reach a market size (gross written premium) of US$162.70m in 2024.
The average spending per capita in the General Liability Insurance market market in Oman is expected to amount to US$34.52 in 2024.
The gross written premium in Oman is also expected to show an annual growth rate (CAGR 2024-2028) of 3.11%, resulting in a market volume of US$183.90m by 2028.
In global comparison, the United States will generate the highest gross written premium of US$179.7bn in 2024.
Oman's General Liability Insurance market is experiencing a surge in demand due to the country's growing focus on risk management and business protection.

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Analyst Opinion

The General Liability Insurance market in Oman has been experiencing significant growth and development in recent years. Customer preferences in the General Liability Insurance market in Oman are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailored solutions that address their specific needs and offer peace of mind in an uncertain business environment. Trends in the market show a growing awareness among businesses in Oman about the importance of having adequate liability insurance coverage. As the economy diversifies and businesses expand, there is a greater recognition of the potential risks and liabilities that they face. This has led to an increased demand for General Liability Insurance products in the market. Local special circumstances in Oman, such as the government's focus on enhancing regulations and promoting a business-friendly environment, have also contributed to the development of the General Liability Insurance market. With regulatory reforms aimed at improving transparency and accountability, businesses are more inclined to invest in comprehensive insurance coverage to protect their interests. Underlying macroeconomic factors, including the steady economic growth and increasing foreign investment in Oman, have further supported the expansion of the General Liability Insurance market. As businesses strive to mitigate risks and ensure financial stability, the demand for liability insurance products is expected to continue growing in the coming years.

Methodology

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.