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 and Insurance Committee of the Oman Chamber of Commerce and Industry is working to study and develop laws, decisions and regulations related to the sector, monitor challenges, and present its proposals and visions to solve these challenges.
He further added that increase in the contribution of insurance to the gross domestic product is achieved by establishing large projects and capital for insurance companies and by strengthening their reserves.
Regarding the performance of insurance companies on the Muscat Stock Exchange, he stressed that they are traded at appropriate prices and good dividends over the past years. Work is underway to have greater trading in the shares of these companies so that they can attract investors to buy and trade their shares, pointed out.
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