The Insurances market in Oman is experiencing significant growth and development.
Customer preferences: Customers in Oman are showing an increasing interest in insurance products to protect their assets and manage risks. With a growing awareness of the importance of insurance coverage, individuals and businesses are seeking comprehensive policies that offer financial security in the face of unforeseen events.
Trends in the market: One notable trend in the Omani insurance market is the rising demand for health insurance. As healthcare costs continue to escalate, individuals are looking for insurance plans that provide coverage for medical expenses. Additionally, there is a growing interest in motor insurance due to the mandatory requirement for all vehicles to be insured. This trend is driving the overall growth of the insurance sector in Oman.
Local special circumstances: Oman's insurance market is unique due to the regulatory environment set by the Capital Market Authority (CMA). The CMA plays a crucial role in supervising and regulating insurance companies to ensure compliance with standards and guidelines. This oversight contributes to the stability and reliability of the insurance sector in Oman, fostering trust among customers and investors.
Underlying macroeconomic factors: The development of the insurance market in Oman is also influenced by macroeconomic factors such as economic growth, population demographics, and regulatory reforms. As the economy continues to diversify and expand, there is a greater need for insurance products to support various sectors. Moreover, the young and growing population in Oman presents opportunities for insurers to tap into a market with increasing insurance needs. Regulatory reforms aimed at enhancing transparency and consumer protection further contribute to the positive trajectory of the insurance market in Oman.
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.
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