Country Focus – Oman
The Oman insurance industry has been growing from strength to strength owing to regulations and strategies that are aligned to sustainable development.
April 28, 2024
Market Surveys
Pricing Woes Remain for 2019
2019 may have a renewed focus on alternative third-party capital, along with an emphasis on underwriting discipline, according to A. M. Best. A.M. Best has forecast a negative outlook for the non-life reinsurance sector owing to a continued competitive market environment where pricing has hit rock bottom. In their latest...
Much Progress Ahead
While 2017 may not have been the best year in terms of profitability of the insurance industry, the new motor regulations and other amendments will see the insurance market being impacted.
MENA Reinsurance: Still Robust
A.M. Best examines the reinsurance market in the Middle East and North Africa region and affirms the resilience of the industry. The Middle East and North African (MENA) reinsurance industry is characterised by its challenging market conditions, borne out of unabating pressure on pricing, overcapacity, and a higher-than-expected number of...
Overlooked in Construction
While construction outlook is positive in the GCC, there are still misconceptions surrounding the effectiveness of insurance solutions such as inherent defects insurance, states a Marsh Insights report. According to the World Bank, GDP across the GCC is expected to increase 2.1 percent in 2018 and 2.7 percent in 2019....
Breaking Away from Norm
M. Best examines issues facing dependence on Qard Hasan and why steps should be taken to halt this practice. In recent years, the overreliance on the Qard to fund continued policyholder deficits has led to the so-called ‘Perpetual Qard Syndrome’. According international ratings agency A.M. Best, the need for the...
Slow Premium Growth Persists
While the net income of Islamic insurers seems to be on the decline, the sector will stay profitable in 2018, states S&P Global Ratings’ recent report. The Islamic insurance sector continues to face secular challenges around relatively concentrated and undifferentiated business models and high expense ratios that leave them susceptible...
Cautious with Positive Expectations
Premium takes a look at the analysis of the Middle East and Africa insurance sector in Swiss Re’s latest Sigma study of the global primary insurance industry. Globally, the economy saw considerable improvement in 2017, with real gross domestic product (GDP)1 rising by 3.3 percent. Advanced markets, with the exception...
The Weighty Role of ERM
A.M. Best, in its latest report, emphasises on the role of enterprise risk management in a business environment affected by weather-related losses and manmade risks. A Premium report. The recent cyclone Mekunu recently striking Oman and super cyclone Gonu in 2007 as well as flooding in the United Arab Emirates...
How costly is a data breach?
The 2018 Cost of a Breach Study by the Ponemone Institute has raised some questions on the level of data security for the Middle East. The study is based on the opinions of 2200 IT, data protection and compliance professionals from 477 companies. Of these, companies in the UAE and...
