Oman’s insurance sector expected to grow by over 10%

Oman’s insurance sector expected to grow by over 10%

The Sultanate of Oman’s insurance sector is growing rapidly, with data for 2023 reflecting a growth of over 10 percent.

The post Oman’s insurance sector expected to grow by over 10% appeared first on The Arabian Stories News.MUSCAT : As per statistics, the contribution of Oman’s insurance sector to the gross domestic product is about 1.23 percent, with the growth rate of insurance premiums reaching about 13 percent in 2022.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 increasingly and its growth in 2023 is expected to exceed about 10 percent. This indicates that raising the capital of insurance companies will contribute significantly to their ability to bringing in investors and connecting businesses to grow better, he noted.“The contribution of the insurance sector to the gross domestic product of the Sultanate of Oman currently amounts to 1.3 percent, which is a good percentage compared to other Arab countries,” he stated, explaining that the volume of Arab insurance reached about 45 billion US dollars, constituting one percent of the volume of global insurance.He pointed out that the Finance