Insurance sector in Oman expected to grow over 10%

Insurance sector in Oman expected to grow over 10%

Muscat: The insurance sector is one of the fastest growing sectors in the Sultanate of Oman. Its contribution to the gross domestic product is about 1.23 per cent, and the growth rate of insurance premiums in 2022 reached about 13 per cent.

Mustafa Ahmed Salman, member of the Board of Directors of the Oman Chamber of Commerce and Industry and Chairman of the Chamber’s Finance and Insurance Committee, confirmed that the insurance sector is growing and its growth in 2023 is expected to exceed about 10 per cent, indicating that raising the capital of insurance companies will contribute significantly to their ability to bring investors and connect businesses to grow better.

He said in a statement to the Oman News Agency: "The contribution of the insurance sector to the gross domestic product of the Sultanate of Oman currently amounts to 1.3 per cent, which is a good percentage compared to Arab countries," explaining that the volume of Arab insurance reached about 45 billion US dollars and constitutes one per cent of the volume of global insurance.

He pointed out that the Finance and Insurance Committee of the Oman Chamber of Commerce and Industry is working to study and develop laws, decisions and regulations