Market Insights Financial Insurances Non-life insurances

Property Insurance - Oman

Oman

The Property Insurance market market in Oman is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$0.47bn.
This indicates a positive trend in the demand for Property Insurance market within the country.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$99.95 in 2024.
This figure reflects the amount of money individuals are willing to invest in protecting their properties.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 4.48% from 2024 to 2028, as indicated by the compound annual growth rate (CAGR) during this period.
This growth trajectory is expected to result in a market volume of US$0.56bn by 2028, reflecting the increasing importance of Property Insurance market in Oman.
When comparing Oman's market to the global landscape, it is worth noting that the United States leads the way in terms of gross written premium.
In 2024, the United States is projected to generate a staggering US$214.7bn in gross written premium.
This indicates the significant scale of the Property Insurance market the United States compared to other countries.
Overall, the Property Insurance market market in Oman is poised for growth, with increasing market size and per capita spending indicating a positive outlook for the industry.
The property insurance market in Oman is experiencing a surge in demand due to the country's rapid urbanization and infrastructure development.

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Analyst Opinion

The Property Insurance market in Oman has been experiencing significant growth in recent years, driven by various factors influencing the insurance industry in the region.

Customer preferences: Customers in Oman are increasingly recognizing the importance of protecting their properties and assets through insurance coverage. With a growing awareness of the risks associated with natural disasters and other unforeseen events, there is a rising demand for property insurance among individuals and businesses alike.

Trends in the market: One of the key trends shaping the Property Insurance market in Oman is the introduction of innovative insurance products tailored to meet the specific needs of customers. Insurers are offering comprehensive coverage options and flexible policy terms to attract a wider customer base. Additionally, advancements in technology have made it easier for customers to access insurance services online, further driving the growth of the market.

Local special circumstances: Oman's strategic location in the Gulf region has positioned it as a hub for trade and commerce, leading to a surge in property development activities. This rapid expansion in the real estate sector has created a favorable environment for the property insurance market to thrive. Moreover, stringent regulations set by the government to ensure property protection have also contributed to the market's growth.

Underlying macroeconomic factors: The stable economic environment in Oman, coupled with steady population growth and increasing disposable incomes, has bolstered the demand for property insurance. As individuals and businesses seek to safeguard their investments, the insurance market has witnessed a steady influx of customers looking to secure their properties against potential risks. Additionally, government initiatives to promote insurance awareness and improve regulatory frameworks have further supported the development of the Property Insurance market in Oman.

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.