Motor Vehicle Insurance - Oman | Statista Market Forecast

The Motor Vehicle Insurance market market in Oman is expected to witness significant growth in the coming years.
By 2024, the market size, as measured by the gross written premium, is projected to reach US$817.30m.
This indicates a positive trend in the demand for Motor Vehicle Insurance market in the country.
Furthermore, the average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$173.40 in 2024.
This figure showcases the financial commitment individuals are willing to make to protect their vehicles.
Looking ahead, the market is anticipated to continue its growth trajectory.
With an annual growth rate (CAGR 2024-2029) of 1.66%, the gross written premium is predicted to reach US$887.60m by 2029.
This demonstrates the sustained expansion of the Motor Vehicle Insurance market in Oman.
In comparison to other countries, the United States is expected to generate the highest gross written premium in 2024, amounting to US$341.6bn.
This exemplifies the size and importance of the Motor Vehicle Insurance market the United States on a global scale.
Oman's motor vehicle insurance market is experiencing a surge in demand, driven by the country's growing population and increased vehicle ownership.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Oman is witnessing significant growth and evolution.

Customer preferences: Customers in Oman are increasingly looking for comprehensive motor vehicle insurance coverage to protect their vehicles from various risks. They are showing a preference for insurance policies that offer not only basic coverage but also additional benefits such as roadside assistance and coverage for natural disasters. Additionally, there is a growing demand for digital solutions in the insurance sector, with customers seeking convenient online platforms for policy purchase and claims processing.

Trends in the market: One of the key trends shaping the Motor Vehicle Insurance market in Oman is the increasing adoption of telematics technology. Insurers are leveraging telematics to collect data on driver behavior, vehicle usage, and road conditions, allowing them to offer more personalized insurance plans based on individual risk profiles. This trend is not only enhancing the accuracy of pricing but also promoting safer driving habits among policyholders.

Local special circumstances: In Oman, the regulatory environment plays a significant role in shaping the Motor Vehicle Insurance market. The mandatory requirement for all vehicle owners to have basic third-party liability insurance has been a driving force behind the market growth. Moreover, the introduction of new regulations and initiatives by the government to enhance road safety and insurance penetration is influencing the market dynamics in the country.

Underlying macroeconomic factors: The overall economic stability and steady growth in Oman are contributing to the expansion of the Motor Vehicle Insurance market. As the country's GDP continues to grow, there is an increase in disposable income levels among individuals, leading to higher vehicle ownership rates. This, in turn, is driving the demand for motor vehicle insurance as more people seek to protect their valuable assets. Additionally, the government's focus on infrastructure development and urbanization is fueling the demand for insurance coverage, creating opportunities for insurers to cater to a growing customer base.

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.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.