Oman: Takaful controls 14% of overall insurance market in 2022
Source: Middle East Insurance Review | Aug 2023
Gross direct takaful contributions in Oman increased by 7.7% to OMR76.26m ($199m) in 2022, accounting for 14% of the insurance market GWP, according to the Capital Market Authority’s latest annual ‘Insurance Market Index’ report.
In comparison, in 2014 when the first takaful licences were granted, takaful contributions totalled OMR10.25m, contributing 9% to the total insurance market.
General takaful business posted gross contributions of OMR43.80m in 2022 compared to OMR44.16m in 2021. General takaful represented 16% of the total general insurance for all companies in the sector last year.
Family takaful business saw contributions jump by 37.4% to OMR18.51m in 2022 compared to OMR13.47m in 2021. Family takaful represented 28% of the total life insurance for all companies in 2022.
Health takaful business increased contributions to OMR13.95m in 2022 compared to OMR13.15m in 2021. Health takaful represented 7% of the total health insurance for all companies in Oman last year.
The audited financial data for 2022 indicate that the total claims paid for takaful increased by 10.6% to OMR42.45m in 2022 compared to 2021. The figure represented 13% of the total amount of claims paid by insurance companies in 2022.
There are two takaful operators in Oman, including Al Madina Takaful and Oman Takaful Insurance Company. M