CMA Issues Insurance Market Review.
Muscat, May 29 (ONA) --- The Capital Market Authority (CMA) has issued the Insurance Market Review 2014 2015 which contains key insurance statistics, such as gross premiums, indemnities, number of issued policies, employees, retention rates and losses, in addition to the financial indicators and operational performance of insurers in 2015.
The 2015 audited data suggest insurance sectors contribution to the GDP of the Sultanate was 1.6% compared to 1.3% in 2014. Gross direct premiums increased by 11% to RO 442.08 million at the end of 2015 compared to RO 396.52 million at the end of 2014. Motor insurance comprised 37% of all insurance sectors premiums while health insurance represents 23% of the gross written premiums.
Takaful insurance added momentum to competition among insurers increasing by 64% compared to 2014. Takaful represented 9% of gross direct premiums and 5% of total paid claims.
Premiums collected by insurance brokers were 28% of the total premiums.
The review is an annual publication on the developments in the sector and is available on hard and soft copies. Hard copy can be obtained at CMA premises and the soft copy is available on CMAs website www.cma.gov.om .
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