The combined insurance service results of listed insurance companies in Oman plunged by 85% to OMR2.6m ($6.8m) for the first nine months of this year from OMR16.9m for the corresponding period in 2023, according to an analysis by Badri Management Consultancy.
Financial Services Authority (FSA) chairman Dr Saeed Mohammed Ahmed Al Saqri has approved a regulation on co-insurance in the health insurance branch pursuant to the Insurance Companies Law.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
The risks to the outlook for financial stability in Oman remain low in the short term, says the Central Bank of Oman (CBO) in its 2024 Financial Stability Report (FSR).
Oman Re, the Sultanate's first and only reinsurer, has announced a 17% increase in reinsurance revenue for the first half of 2024, reaching OMR 24.5m ($63.7m) compared to OMR21.0m for the corresponding period last year.
Muzn Islamic Banking, the Islamic banking window of National Bank of Oman, has formed a partnership with Takaful Oman, to offer its customers a wide range of takaful products.
With a rise in credit risk, the Omani insurance industry faces increasing challenges due to the enhanced impact of Expected Credit Losses (ECL), says the Dubai-headquartered international actuarial consulting company, Badri Management Consultancy.
Oman Reinsurance Company (Oman Re) has generated a good financial performance, as reflected in net income return on equity of 8.4% in 2023 (2022: 7.5%), says Fitch Ratings.
Oman Re, the Sultanate of Oman's sole reinsurer, has announced a significant surge in its net profit after tax for the first quarter of 2024, reaching an impressive OMR977K ($2.5m).
Insurance companies will be apprehensive of potential exposure from claims filed by private homes and businesses impacted by the severe flooding in Oman since 14 April.