MUSCAT: The insurance sector in Oman is witnessing a rapid growth, marking a surge of 11.9% in insurance premiums in the first half of this year compared to the same period in 2022.
The unaudited financial statements of the insurance sector’s performance issued by the Capital Market Authority indicated that the total written insurance premiums during the first half of 2023 amounted to about OMR 332.9 million.
The data also revealed an increase in the amount of compensation paid by insurance companies to compensate for the material effects resulting from the risks to which policyholders were exposed, by up to 17%, as the net compensation amounted to about OMR 115 million, and the share of Takaful insurance amounted to more than OMR 9.6 million.
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