The Non-life insurances market in Oman has been experiencing significant growth and development in recent years. Customer preferences in the Omani market are shifting towards more comprehensive and tailored non-life insurance products that provide greater coverage and benefits. Customers are increasingly seeking policies that offer protection against a wide range of risks, including property damage, motor vehicle accidents, and other unforeseen events. Additionally, there is a growing demand for digital and online insurance services, making it easier for customers to research, compare, and purchase insurance policies. Trends in the Omani non-life insurance market indicate a rise in the adoption of innovative technologies such as artificial intelligence and big data analytics to streamline operations, enhance customer experience, and assess risks more accurately. Insurers are also focusing on developing niche insurance products to cater to specific customer needs and differentiate themselves in a competitive market. Furthermore, partnerships and collaborations between insurance companies and other industries are becoming more common, leading to the introduction of bundled insurance packages and value-added services. Local special circumstances in Oman, such as regulatory reforms and government initiatives to promote insurance penetration, are driving the growth of the non-life insurance market. The regulatory environment is becoming more conducive to foreign investment, encouraging international insurers to enter the market and contribute to its expansion. Moreover, the government's efforts to increase awareness about the importance of insurance coverage are creating a more informed and educated customer base. Underlying macroeconomic factors, including steady economic growth, a growing population, and increasing urbanization, are also fueling the development of the non-life insurance market in Oman. As the country continues to diversify its economy and invest in infrastructure projects, there is a greater need for insurance products to protect assets and mitigate risks. Additionally, rising disposable incomes and changing lifestyle patterns are driving higher demand for insurance products among individuals and businesses alike.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
