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Oman insurance sector expected to grow by more than 10 per cent

The insurance sector is one of the fastest growing sectors in the Sultanate of Oman. Its contribution to the gross domestic product is about 1.23 per cent, and the growth rate of insurance premiums in 2022 reached about 13 per cent.


Mustafa Ahmed Salman, member of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Chamber’s Finance and Insurance Committee, confirmed that the insurance sector is growing increasingly and its growth in 2023 is expected to exceed about 10 per cent, indicating that raising the capital of insurance companies will contribute significantly to their ability to bringing investors and connecting businesses to grow better.


He said in a statement to the Oman News Agency (ONA), “The contribution of the insurance sector to the gross domestic product of the Sultanate of Oman currently amounts to 1.3 per cent, which is a good percentage compared to Arab countries, explaining that the volume of Arab insurance reached about $45 billion and constitutes one per cent of the volume of global insurance.”


He pointed out that the Finance and Insurance Committee of OCCI is working to study and develop laws, decisions and regulations related to the sector, monitor challenges, and present its proposals and visions to solve these challenges, indicating that increasing the contribution of insurance to the gross domestic product is achieved by establishing large projects and capital for insurance companies and strengthening their reserves.


Regarding the performance of insurance companies on the Muscat Stock Exchange, he stressed that their prices are traded at appropriate prices and good dividends over the past years, and work is underway to have greater trading in the shares of these companies so that they can attract investors to buy and trade their shares.