Category: Insurance

Oman’s insurance sector contributes 1.63 per cent of GDP

Oman insurance sector contributed 1.63 per cent of the Sultanate’s gross domestic product (GDP) in 2017,  according to the Insurance Market Review 2017  issued by CMA. Highlighting the key events of the sector during FY 2017, the 14th edition of the Insurance Market Review covers indicators such as premiums, indemnities, number of policies, retention ratios, losses and financial indices […]

Unlocking potential

David Howden, CEO of Hyperion Insurance Group and Rajiv Arora, CEO of Howden Insurance Brokers, speak to OER about the group’s newly floated insurance broking business in Oman. Muhammed Nafie reports           Howden, the retail broking arm of UK-based Hyperion Insurance Group having a global presence with over 3,800 employees, recently joined hands […]

Oman’s insurance sector set to grow at 12.1 per cent 

The insurance markets in Oman and the United Arab Emirates are anticipated to grow at the fastest annualised average pace of 12.1 per cent between 2016 and 2021, according to a report released by Alpen Capital. The premium growth in Oman is likely to be driven largely by the introduction of mandatory health insurance and […]

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Marginal growth

Most insurance segments have witnessed varying levels of fall, except health insurance and group life insurance which recorded an increase of 17 per cent and 25 per cent, respectively.    Omani insurance companies have achieved a marginal 0.3 per cent growth in direct gross insurance premium income at OMR358.16 million for the first three quarters […]

Oman Development Bank finances 1,388 projects in Masirah

Oman Development Bank (ODB) has financed 1,388 projects in Masirah by extending funds worth OMR5.73 million between 2009 and September 2017. Youssef bin Ibrahim Al Shezawy, Regional director of ODB for South Al Sharqiyah, said that the number of micro-projects that were financed reached 1,315, with a total amount of OMR4.10 million, which represents 95 […]

National Life and General Insurance to open branch in Kuwait

National Life and General Insurance (NLGIC) has obtained a licence for operations in Kuwait. This is the company’s second foray into countries outside Oman, said a company release. “We are glad to get this opportunity to do business in Kuwait. We would like to thank the Kuwait administration, as well as the Oman establishment, for […]

Oman Qatar Insurance allots shares

Oman’s stock market watchdog Capital Market Authority has approved the allocation of Oman Qatar Insurance Company in accordance with an allocation policy. The shares are allocated to the small investors category at 100 per cent, while the second category of major investors are allocated 63.224 per cent on pro-rata basis. The total volume of shares […]

National Life’s IPO to open on October 22

National Life and General Insurance Company’s OMR21.2 million-Initial Public Offering will open for a one month subscription on October 22. The company is offering 66.25 million shares at an offer price of 320 baizas per share. As per the Capital Market Authority’s mandate, 65% of the IPO is reserved for retail investors and 35% is reserved […]

Vision acquires Dubai-based asset management firm

Vision Investment Services (Vision) has acquired A/T Capital Management (A/T Capital), an asset management firm based in the Dubai International Financial Centre (DIFC). A/T Capital was established in 2008 and invests in Middle Eastern equity markets, mainly for international institutional investors. A/T Capital has had a consistent track record of generating excess returns in regional […]

National Life net profit soars 303 per cent

National Life and General Insurance Company (National Life), a leading composite insurer in Oman, said its profit after tax grew by 303 per cent toRO4.70mn for the first half of 2017, from RO1.16mn in the first half of 2016. Thus, National Life has already exceeded the net profit of the entire year of 2016. National Life […]