Muscat: Audited financial data released by the FSA showed that total insurance revenues reached approximately RO 501.6 million in 2025, up from RO 483 million in 2024, marking a growth of 3.86 per cent. The increase highlights the continued expansion of insurance activity and stronger demand for insurance products and services across the Sultanate.
National insurance companies remained the key drivers of growth, with revenues rising to RO 404.2 million compared to RO 389.5 million in 2024, registering a growth of 3.78 per cent. Foreign insurance companies also recorded a 4.19 per cent increase in revenues, reaching RO 97.4 million, reflecting the competitiveness and attractiveness of the Omani insurance market.
The sector’s total assets rose by 6.9 per cent to reach RO 1.31 billion by the end of 2025. Investment returns recorded one of the strongest gains, surging by 42.6 per cent to approximately RO 49 million, compared to RO 34.3 million in 2024, indicating improved efficiency in managing investment portfolios.
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Net profits of insurance companies also climbed sharply by 36 per cent, reaching around RO 34.3 million compared to RO 25.2 million the previous year, supported by stronger investment performance and improved operational efficiency.
The report further noted that total direct premiums grew by 8.9 per cent to RO 551.8 million, driven largely by a 42 per cent jump in life and savings insurance activity, alongside a 6 per cent increase in health insurance.
Meanwhile, total compensation paid by insurance companies declined by 4.1 per cent, falling from RO 279.4 million in 2024 to RO 267.8 million in 2025. Loss ratios for both national and foreign insurance firms also improved during the year.
The sector continued its digital transformation, with premiums collected through digital channels increasing by 35.5 per cent, while premiums collected through banks rose by 38.1 per cent.
Takaful insurance also maintained steady growth, with revenues increasing by 1.04 per cent to RO 75.35 million in 2025. Takaful insurance accounted for 15 per cent of the sector’s total insurance revenues, highlighting its continued role within Oman’s insurance landscape.
