Premiums paid to insurance firms in Oman reached OMR442m in 2015

Muscat: Total direct premiums paid to insurance companies in 2015 amounted to OMR442 million, up by 11.5 per cent compared to 2014, with OMR396.52 million direct premiums.
Vehicle insurance policies accounted for 85.6 per cent of the total insurance policies registered at the insurance companies.
The total value of direct insurance premiums on vehicles amounted to OMR162.29 million while the total direct premiums for life insurance amounted to OMR52.95 million and property insurance at OMR46.54 million.
The total direct marine insurance premiums amounted to OMR14.27 million. The total direct insurance premiums on liability amounted to OMR12.31 million engineering insurance OMR23.92 million health insurance OMR102.50 million and for other types of insurance OMR26.87 million.
The total compensation paid by the insurance companies operating in the Sultanate reached in 2015 OMR290.72 million a rise of 25.2 per cent, compared to 2014, at OMR232.21 million.
The total value of the compensation paid for vehicle insurance reached OMR113.86 million for life insurance OMR27.53 million and for property insurance OMR53.53 million.
The total compensation paid for marine insurance totalled OMR7.89 million for liability insurance OMR1.90 million and for engineering insurance OMR7.04 million.
The total compensation paid for health insurance reached OMR73.84 million and for other types of insurance OMR5.09 million.
The insurance companies registered 1,436,365 policies in 2015, vehicle insurance constituted 85.6 per cent with 1,230,077 policies, 35,188 policies for life insurance with 2.4 per cent, for property 16,313 policies, with 1.1 per cent, for marine insurance 13,232 policies with 0.9 per cent, liability insurance 9,630 polices with 0.7 per cent, engineering insurance 7,438 policies with 0.5 per cent, health insurance 11,168 policies with 0.8 per cent, and for other types of insurance 113,319 policies.
The number of insurance companies in the Sultanate by the end of 2015 amounted to 22 with 155 branches, 11 of them Omanis, 7 Arab and 4 foreign companies.