Non-life insurances - Oman | Statista Market Forecast

The Non-life insurance market in Oman is projected to reach a market size (gross written premium) of US$1.78bn in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$377.70 in 2024.
The gross written premium in Oman is projected to exhibit an annual growth rate (CAGR 2024-2029) of 3.44%, resulting in a market volume of US$2.11bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Oman's non-life insurance market is witnessing a surge in demand due to the country's growing economy and increasing awareness about the importance of insurance coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

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

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.