MUSCAT: According to the 18th edition of the Statistical Yearbook of Insurance Sector Indicators for 2021 issued by the Capital Market Authority, the contribution of the insurance sector to Oman’s GDP amounted to 1.45%.

This resulted from an increase in the total direct premiums of the insurance sector by 3% to reach OMR 479.857 million at the end of 2021 compared to OMR 465,895 million in the previous year.

The yearbook reflects all statistical data in its quantitative and qualitative dimension, such as insurance premiums, compensation paid, number of documents issued, retention rates and losses for various insurance activities and geographical distribution of branches and agents throughout the Sultanate.

The audited financial data and indicators for 2021 showed a discrepancy in their results compared to the indicators of previous years.

The data also indicated that health insurance premiums accounted for 34% of the total direct premiums written. The vehicle insurance branch, both comprehensive and the third party, represented 21% of the total volume of those instalments.

As for Takaful insurance, its total direct premiums amounted to OMR 70.779 million at the end of 2021, compared to OMR 64.847 million at the end of 2020.

The growth rate increased by about 9.1% and the percentage of Takaful insurance constituted 15% of the total direct premiums in the sector and 13% of the total compensation paid during the same period. The collected premiums from insurance brokers amounted to 49% of the total insurance premiums.

The Statistical Book of Insurance Sector Indicators for the year 2021 is available in both Arabic and English on the authority’s website  — http://www.cma.gov.om