CMA issued the Annual Statistical Report for the Insurance Sector in the Sultanate. The issue aims to clarify the actual performance of the insurance sector in the Sultanate through highlighting the most significant indicators, such as; insurance premiums, payable compensations, number of insurance policies and insurance companies and brokers, in addition to the financial indicators of insurance companies and their operational performance during the year.

Statistical information of the insurance sector has indicated an improvement in the overall performance of the sector during 2012. The total direct premiums registered an increase of 14% to reach about RO 326.81 million (RO249.72 million in general insurance, and RO 77.09 million in life insurance) compared to RO 285.73 million registered in 2011. The total payable compensations also increased in 2012 by 3.2% to reach RO 180.19 million (RO 137.55 million of which are in the general insurance, and RO 42.64 million Riyals in the life insurance) compared to RO 174.04 million registered during 2011.

The same information also indicated an increase in the number of policies issued in 2012 by 11% to reach 1,098 million policies (1,068 million of which were general insurance policies and 30.49 thousand were life insurance policies) compared to the total policies in 2011 that reached 988.48 thousand policies (970.17 thousand of which were general insurance policies and 18.31 thousand were life insurance policies).

In line with the general direction of the country to increase Omanization percentages, the Omanization percentage in the insurance sector has increased from 59% in 2011 to 63% in 2012 as the number of manpower in the insurance sector in 2012 reached 2042 employees; 1282 of which were Omanis forming about 63%, while the number of manpower in the sector in 2011 reached about 1912 employees; 1124 of which were Omanis forming 59%.

With regard to the financial position of companies operating in the insurance sector, the report shows an increase in the total assets of insurance companies in 2012 for 8% to reach about RO 588.07 million ( RO 464.88 million for general insurance and RO 123.19 million for life insurance) compared to the total assets in 2011 that reached RO 545.15 million ( RO438.96 million for general insurance and RO106.1 million for life insurance).

The total investments of insurance companies in 2012 were RO 374.68 million compared to RO 329.66 million in 2011 which forms an increase of 14%. The total investments of national insurance companies in 2012 reached about RO 235.46 million which increased by 13% comparing to 2011, while the foreign insurance companies registered a total investments of RO 139.22 million in 2012 compared to RO 121.46 million in 2011 which is an increase by 15%.