1.45% of the sector’s contribution to GDP 1.2 billion Omani riyals The size of insurance companies’ assets in the Sultanate of Oman at the end of last year

Books – Abdullah Al-Sharqi:
The audited financial statements of the insurance sector for the past year have shown that the capital of insurance companies in the past year amounted to about 274.66 million Omani riyal, compared to 274.73 million Omani riyal in 2020, a decrease of 0.03% , where the capital of national companies amounted to about 125.36 million Omani riyals in the year Last year compared to 125.36 million Omani riyals in 2020, and the capital of foreign insurance companies amounted to about 149.31 million riyals last year, compared to 149.38 million riyals in 2020, a decrease. of 0.05%, according to statistics released by the Capital Markets Authority.

The statistics showed that the assets of insurance companies in the Sultanate of Oman increased by 7.5% at the end of last year to about OMR 1.2 billion, with the insurance sector’s contribution to GDP amounting to 1.48% .
The audited financial statements of the insurance companies indicated that the total assets of the insurance companies increased by 7.5% in the past year to reach about OMR 1,197.55 million, of which OMR 767.64 million is related to general insurance, OMR 219 , 97 million related to life insurance, and OMR 209.95 million.Related to health insurance, while the total assets for the year 2020 amounted to approximately OMR 1,113.87 million, of which OMR 787.54 million relates to general insurance and OMR 326 , 33 million related to life / family insurance.
The data show that the assets of the national insurance companies last year represented 72.8% of the total assets, as the value of the assets of the national insurance companies amounted to about RO 872.48 million, while the foreign insurance companies were responsible for 27 , 2% of total assets, with an estimated value of approximately 325.07 million Omani Rials.
The Capital Markets Authority indicated that the total net profit of insurance companies last year was about 25.760 million Omani riyals, compared to 48.539 million Omani riyals in 2020, a decrease of 47%, as the profits of national insurance companies amounted to about 17.687 million. Omani riyal last year.Compared with 33.601 million riyal in 2020, a decrease of 47%, and the profits of foreign insurance companies last year amounted to about 8.073 million riyal, compared to 14.938 million riyal in 2020, a decrease of 46%.
The data showed that the total direct premiums of insurance companies operating in the Sultanate of Oman increased by 3% over the past year to reach 479,857 million Omani riyal, compared to about 465,895 million Omani riyal in the year 2020, where it It is noted that the total direct premiums for the general insurance branch increased by 0.7% to 258,670 million Omani riyals last year, compared to 256,951 million riyals in the year 2020, accompanied by an increase in the total direct premiums for the life / family insurance branch by 6.6% to reach 57.321 million riyal last year, compared to 53.752 million riyal Oman in 2020. While total direct premiums for the health insurance branch increased by 5.6% to reach RO 163.866 million at the end of last year, compared to with RO 155.193 million in the year 2020.
Total compensation paid
The Capital Markets Authority has made it clear that the remuneration paid by insurance companies last year increased by 0.1% compared to the year 2020, where the total remuneration paid by insurance companies last year was about OMR 289,834 million, compared to OMR 289,601 million in the year 2020. The audited financial data indicate a decrease in the total compensation paid to the general insurance branch by 8.4% from the year 2020 AD, to about OMR 125,522 million last year, compared to OMR 136,975 million in the year 2020. The compensation paid to the life / family insurance branch also recorded an increase of 38.6% in 2021 compared to the previous year. In terms of compensation to the health insurance branch, it recorded a decrease of 0.5% compared to the year 2020, reaching about 120,123 million Omani riyals.
The Capital Markets Authority indicated that the number of policies issued by insurance companies in its general, life / family and health branches increased by 8.6% in the past financial year to 1.782 million policies, including 1.569 million general insurance policies, 189 636 life / family insurance policies and 22. 939 health insurance policies, compared to the total number of policies issued in 2020, which amounted to approximately 1 640 million, including 1,496 million general insurance policies, 131 676 life / family insurance policies and 12 234 health insurance policies.
The audited financial statements for the past year indicate that the total compensation paid to the Takaful insurance activity increased by 13.7% to reach 38.392 million Omani riyals last year, compared to 33.777 million riyals in the year 2020, which constitutes 13% of the total compensation. paid to insurance companies. As for the Takaful insurance policies in the past year, it amounted to about 218 611 policies, including 195 361 policies for the general Takaful insurance, about 21 916 policies for the family Takaful insurance activity and about 1 334 policies for the health Takaful insurance activity.
It is noteworthy that the Omanization rate in companies operating in the insurance sector in the Sultanate of Oman exceeded 80% by the end of 2021. The Omanization rate in operational posts was 87.7%, and 75.4% in middle administrative and technical posts, and 53.1% in senior job levels. According to a statistic issued by the Capital Markets Authority.
The Capital Markets Authority annually approves training plans that include short- and long-term programs, the implementation of which achieves the vision to empower the national framework working in the insurance sector, with an emphasis on the continuity of coordination with insurance companies to identify and develop training needs. training plans to increase the level of efficiency of its employees, as the Government addresses In particular to strengthen the role of human resource managers in insurance companies and increase their powers so that their contribution can be effective in creating a stimulating environment for work , and the development of performance through the optimal use of human frameworks to achieve the goals and objectives of companies.

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