insurance charges rise 3% to ro480mn in oman

belongings of insurance corporations improved 7.5% to ro1.2bn

muscat – mixture gross written charges of coverage groups running in oman increased by means of 3 in step with cent to ro479.85mn for the 12 months 2021 in comparison with ro465.89mn recorded within the previous yr, the facts released by capital market authority (cma) confirmed on wednesday.

the information indicated that the rise in overall charges changed into especially contributed through increase in life coverage, family takaful and health insurance segments for the duration of final yr, while fashionable coverage segment showed a mild increase in rates.

gross direct charges of standard coverage inched up zero.7 consistent with cent to ro258.67mn in 2021 as compared to ro256.95mn within the previous yr.

however, life insurance and own family takaful rates grew by means of 6.6 in line with cent to ro57.321mn in 2021 from ro53.752mn recorded in 2020. gross direct rates for medical insurance phase rose five.6 in line with cent to ro163.866mn compared with ro155.193mn in the preceding 12 months.

insurance compensations paid by using insurers marginally multiplied by 0.1 according to cent in 2021 as compared to the 2020 figures. overall compensations paid with the aid of insurers stood at ro289.83mn for 2021 in comparison to ro289.6mn in 2020.

total compensations paid for general insurance rules dropped eight.four according to cent to ro125.522mn in 2021 as compared with ro136.975mn in 2020. compensations paid for existence insurance/own family takaful increased 38.6 consistent with cent in 2021, at the same time as compensations paid for medical health insurance reduced zero.5 according to cent.

takaful premiums up nine.1%

gross direct rates of takaful (islamic coverage) organizations running inside the sultanate expanded by way of nine.1 according to cent to ro70.78mn in 2021 from ro64.85mn in 2020. takaful premiums presently represent approximately 15 in step with cent of overall rates of the insurance area in oman, the cma facts showed.

gross direct rates for widespread takaful elevated to ro44.16mn in 2021 from ro41.42mn inside the previous yr, while rates for family takaful multiplied 10.eight in step with cent to ro thirteen.47mn. gross rates for health takaful rose sixteen.7 according to cent to ro13.15mn in 2021 compared to ro11.27mn a 12 months in the past.

overall takaful compensations paid through takaful insurers elevated 13.7 per cent to ro38.392mn in 2021 as compared to ro33.777mn inside the preceding yr, which constitutes thirteen in keeping with cent of the whole compensations paid via insurance businesses in oman.

insurers’ assets reach ro1.2bn

overall property of coverage agencies in oman accelerated by means of 7.five consistent with cent year-on-yr to ro1.197bn on the quit of 2021. of the overall belongings, ro767.64mn have been related to trendy insurance, ro219.97mn had been related to lifestyles insurance, and ro209.95mn property had been associated with health insurance.

the property of country wide coverage companies accounted for ro872.48mn or seventy two.8 in step with cent of the full, while foreign coverage organizations accounted for ro325mn really worth of property or 27.2 in keeping with cent of the full property.

total internet earnings of coverage agencies dropped by means of forty seven consistent with cent to ro25.76mn in 2021 from ro48.54mn recorded in 2020. the profits of overseas coverage agencies had been approximately ro8.07mn in 2021 as compared to ro14.938mn in 2020, a decrease of 46 in keeping with cent.

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