MUSCAT: Gross written premiums recorded by insurance companies operating in the Sultanate of totaled RO 332.9 million during the first half, with national companies account for 85.7 per cent of this share with a contribution of about RO 285 million (compared to RO 250 million in the previous year), the Capital Market Authority (CMA) said.
As for foreign companies, the premiums reached RO 47.8 million. Takaful companies’ premiums accounted for 11 per cent of the total insurance premiums of all companies at a total value of RO 37 million, an increase by 4.3 per cent compared to the same period in 2022.
In addition, data indicates an increase by 17 per cent at a value of RO 115 million in the volume of paid compensations by insurance companies for damages that the policyholders have incurred. Compared with first half of 2023, Takaful insurance figures decreased by 6 per cent at more than RO 9.6 million of the total net compensations.
Moreover, written results of insurance companies illustrated that general insurance recorded the highest percentage of insurance premiums reaching more than RO 160 million in first half of 2023 compared to RO 153 million at the same period last year, which is an increase by 4.6 per cent followed by health insurance that increased by 22.6 per cent at RO 110 million.
As for life insurance, the value of total direct premiums amounted to more than RO 37 million compared to RO 33 million in the previous year.
The data also showed an improvement in the net insurance premiums; which are the premiums retained after the deductions for reinsurance as such premiums rose by 14.1 per cent at a value of RO 193 million in comparison to about RO 169 million in the previous year. This increase resulted from the increase of net premiums in most insurance types as life insurance (individual) recorded the highest increase amongst all insurance types by 69 per cent at RO 7.7 million.
Additionally, net premiums of property insurance amounted to RO 8.7 million, an increase by 37.3 per cent compared to last year, and net premiums of health insurance rose by 18.4 per cent at about RO 105 million.
Operational results showed that earned premiums value, net compensations and administrative and general expenses increased by 10.54 per cent, 17.08 per cent and 6.01 per cent, consecutively.
