Middle East Insurance Review > Magazine

Sustaining success in tough times

Listed insurers in Oman have achieved satisfactory results in the past year, demonstrating impressive resilience amidst the unprecedented COVID-19 crisis. The increase in profitability indicates the sound foundation of industry players; however, competition, along with the macroeconomic challenges, will remain in the coming period.

Changing the face of solvency in the sultanate

The Capital Market Authority, the regulator of both the insurance and capital markets in the Sultanate of Oman, has been busy during the pandemic keeping up with local, regional and international developments. The authority’s executive president Abdullah Bin Salem Al Salmi provides us with some insights on success so far and what the future holds in store.

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A vision for the future

While the life and health insurance business offers plenty of opportunities for growth, there are considerable challenges that insurers should keep in mind as they create strategies for growth and innovation in 2021 and beyond.

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A challenging but satisfying year

Not the richest of the GCC states, Oman is nevertheless an active and interesting market from a non-life insurance perspective. Composite insurer Dhofar Insurance Company has an impressive book of motor, marine, energy, engineering, oil and petrochemical, personal accident, property, travel, liability and workers compensation insurance in addition to its life and health book which it services through its network of 42 branches. We caught up with its CEO Sunil Kohli to find out how the post-COVID-19 market was looking.

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Brace for tough times ahead

The takaful sector in Oman is facing stiff competition, with macroeconomic headwinds that have been exacerbated by the COVID-19 pandemic piling pressure on the financial performance of the sultanate’s two takaful operators, says Moody’s vice-president and senior analyst Mohammed Ali Londe.

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A regional leader

Oman Re has made significant progress through various strategic initiatives to strengthen its local operations while making inroads into the Afro-Asian markets. The reinsurer’s CEO Romel Tabaja talks about staying resilient and navigating through trying times.

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Reaching for sustainable growth

Bima – Oman’s first and only insurance aggregator – has been gaining good market traction since its launch last year. Middle East Insurance Review spoke to Bima’s general manager Basma Al Rashdi to find out about the company’s growth trajectory.

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Magazine

Mar 2021

Magazine Table of Contents

Market Profile

Oman

Sustaining success in tough times