his majesty sultan qaboos bin said · 4 subject page no first: financial statement (general and...

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HIS MAJESTY SULTAN QABOOS BIN SAID

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Subject Page No

First: Financial Statement (General and Life) 13

Total Paid - up Capital 16

Total Assets of insurance companies 16

Total investments 16

Returns from Investments of insurance companies 17

Net Income 18

Commissions and Productions Cost 18

Management and General Expenses 18

Second: General and Life Insurance Activity 18

Total Direct Premiums of insurance companies 18

Total paid claims by insurance companies 23

Number of Policies issued by insurance companies by type 25

Retention ratio in insurance companies 28

Net loss ratio 28

Third: Takaful Insurance 29Total Direct Premiums of insurance companies 29

Total paid claims by Insurance companies 29

Number of Policies issued by insurance companies by type 29

Retention ratio in insurance companies 30

Net loss ratio 30

Fourth: Insurance Brokers 30Fifth: Number of employees in Insurance Sector 30Number of employees in Insurance Companies and Brokers 30

Number of employees in National Insurance Companies 31

Number of employees in Foreign Insurance Companies 31

Sixth: General Statistics on insurance sector during the period 2010 to 2014 32

5

Page NumberTable Name

31General Indicators (General & Life Insurance)

34Table (1): Gross premiums 2013 - 2014 (General & Life)

36Table (2): Gross Claims Paid In Omani Rial 2013 - 2014 (General & Life)

38Table (3): Number of Policies 2013 - 2014 (General & Life)

40Table (4): Total Investments of Insurance Companies in Omani Rial 2013 - 2014

42Table (5): Total return from Investments of Insurance Companies in Omani Rial 2013 -2014

44Table (6): Total Paid-up Capital In Omani Rial 2013 - 2014

45Table (7):Total Assets In Omani Rial 2013 - 2014

46Table (8):Total Liabilities In Omani Rial 2013 - 2014

47Table (9):Net income In Omani Rial

49Statistical Indicators of life Insurance

51Table (10): Direct Premiums In Omani Rial for 2013-2014(Life Insurance)

52Table (11): Claims Paid In Omani Rial 2013 - 2014 ( Life Insurance)

53Table (12): Commissions & Cost of Production In Omani Rial for 2013-2014 (Life Insurance)

55General Insurance Indicators

57Table (13): Written Premiums and Retention Ratio for 2013-2014 (Total) In Omani Rial (General)

58Table (14): Written Premiums and Retention Ratio for 2013-2014 (Total) In Omani Rial (Marine)

59Table (15): Written Premiums and Retention Ratio for 2013 - 2014(Property) In Omani Rial

60Table (16):Written Premiums and Retention Ratio 2013-2014(Motors) In Omani Rial

61Table (17):Written Premiums and Retention Ratio 2013-2014(Motors - Comprehensive) In Omani Rial

62Table (18):Written Premiums and Retention Ratio 2013-2014(Motors - Third Party) In Omani Rial

63Table (19): Written Premiums and Retention Ratio for 2013-2014 (Liability) In Omani Rial

64Table (20): Written Premiums and Retention Ratio for 2013-2014 (Engineering) In Omani Rial

65Table (21): Written Premiums and Retention Ratio for 2013-2014(Health) In Omani Rial

66Table (22): Written Premiums and Retention Ratio for 2013-2014 (Others) In Omani Rial

67Table (23): Unexpired Risk Reserve – at end for 2013 - 2014 In Omani Rial (General)

68Table (24): Unexpired Risk Reserve – at end for 2013 - 2014In Omani Rial (Marine)

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SubjectPage No

69Table (25): Unexpired Risk Reserve – at end for 2013 - 2014(Property) In Omani Rial

70Table (26):Unexpired Risk Reserve – at end 2013-2014(Motors) In Omani Rial

71Table (27):Unexpired Risk Reserve – at end 2013 - 2014(Motors - Comprehensive) In Omani Rial

72Table (28):Unexpired Risk Reserve – at end 2013 - 2014(Motors - Third Party) In Omani Rial

73Table (29): Unexpired Risk Reserve – at end for 2013-2014 (Liability) In Omani Rial

74Table (30): Unexpired Risk Reserve – at end for 2013-2014 (Engineering)In Omani Rial

75Table (31): Unexpired Risk Reserve – at end for 2013-2014(Health) In Omani Rial

76Table (32): Unexpired Risk Reserve – at end for 2013-2014 (Others) In Omani Rial

77Table (33): Beginning of Annual Reserve for Unexpired Risks for 2013 - 2014(Total) In Omani Rial (General)

78Table (34): Beginning of Annual Reserve for Unexpired Risks for 2013 - 2014In Omani Rial (Marine)

79Table (35): Beginning of Annual Reserve for Unexpired Risks for 2013 - 2014(Property) In Omani Rial

80Table (36):Beginning of Annual Reserve for Unexpired Risks 2013-2014(Motors) In Omani Rial

81Table (37):Beginning of Annual Reserve for Unexpired Risks 2013 - 2014(Motors - Third Party) In Omani Rial

82Table (38):Beginning of Annual Reserve for Unexpired Risks 2013 - 2014(Motors - Comprehensive) In Omani Rial

83Table (39): Beginning of Annual Reserve for Unexpired Risks for 2013-2014 (Liability) In Omani Rial

84Table (40): Beginning of Annual Reserve for Unexpired Risks for 2013-2014 (Engineering) In Omani Rial

85Table (41): Beginning of Annual Reserve for Unexpired Risks for 2013-2014(Health) In Omani Rial

86Table (42): Beginning of Annual Reserve for Unexpired Risks for 2013-2014 (Others) In Omani Rial

87Table (43): Earned Premiums for 2013-2014 In Omani Rial (General)

88Table (44): Earned Premiums for 2013 - 2014In Omani Rial (Marine)

89Table (45): Earned Premiums for 2013 - 2014(Property) In Omani Rial

90Table (46):Earned Premiums 2013 - 2014(Motors) In Omani Rial

91Table (47):Earned Premiums 2013 - 2014(Motors - Comprehensive) In Omani Rial

92Table (48):Earned Premiums 2013 - 2014(Motors - Third Party) In Omani Rial

93Table (49): Earned Premiums for 2013-2014 (Liability) In Omani Rial

94Table (50): Earned Premiums for 2013-2014 (Engineering) In Omani Rial

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95Table (51): Earned Premiums for 2013-2014(Health) In Omani Rial

96Table (52): Earned Premiums for 2013-2014 (Others) In Omani Rial

97Table (53): Claims Paid for 2013-2014 In Omani Rial (General)

98Table (54): Claims Paid for 2013-2014(Marine) In Omani Rial

99Table (55) : Claims Paid for 2013-2014(Property) In Omani Rial

100Table (56): Claims Paid for 2013-2014(Motors) In Omani Rial

101Table (57): Claims Paid for 2013-2014(Motors comprehensive) In Omani Rial

102Table (58): Claims Paid for 2013-2014(Motors Third Party ) In Omani Rial

103Table (59): Claims Paid for 2013-2014(liability) In Omani Rial

104Table (60): Claims Paid for 2013-2014(Engineering Health) In Omani Rial

105Table (61): Claims Paid for2013 - 2014(Health) In Omani Rial

106Table (62): Claims Paid for 2013-2014 (Others) In Omani Rial

107Table (63): Outstanding Claims Reserve – at end for 2013-2014 In Omani Rial (General)

108Table (64): Outstanding Claims Reserve – at end for 2013-2014 (Marine) In Omani Rial

109Table (65): Outstanding Claims Reserve – at end for 2013-2014 (Property) In Omani Rial

110Table (66): Outstanding Claims Reserve – at end for 2013-2014(Motors) In Omani Rial

111Table (67): Outstanding Claims Reserve – at end for 2013-2014(Motors comprehensive) In Omani Rial

112Table (68): Outstanding Claims Reserve – at end for 2013-2014(Motors Third Party ) In Omani Rial

113Table (69): Outstanding Claims Reserve – at end for 2013-2014(liability) In Omani Rial

114Table (70): Outstanding Claims Reserve – at end for 2013-2014(Engineering) In Omani Rial

115Table (71): Outstanding Claims Reserve – at end for 2013-2014(Health) In Omani Rial

116Table (72): Outstanding Claims Reserve – at end for 2013-2014(Others) In Omani Rial

117Table (73): Outstanding Claims Reserve – at beginning for 2013-2014In Omani Rial (General)

118Table (74): Outstanding Claims Reserve – at beginning for 2013 - 2014(Marine) In Omani Rial

119Table (75): Outstanding Claims Reserve – at beginning for 2013-2014(Property) In Omani Rial

120Table (76): Outstanding Claims Reserve – at beginning for 2013-2014(Motors) In Omani Rial

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121Table (77): Outstanding Claims Reserve – at beginning for 2013-2014(Motors -comprehensive) In Omani Rial

122Table (78): Outstanding Claims Reserve – at beginning for 2013-2014(Motors -Third Party ) In Omani Rial

123Table (79): Outstanding Claims Reserve – at beginning for 2013-2014(liability) In Omani Rial

124Table (80): Outstanding Claims Reserve – at beginning for 2013-2014(Engineering ) In Omani Rial

125Table (81): Outstanding Claims Reserve – at beginning for 2013-2014 (Health) In Omani Rial

126Table (82): Outstanding Claims Reserve – at beginning for 2013-2014 (Others) In Omani Rial

127Table (83): Commission & Acquisition costs for 2013-2014 In Omani Rial (General)

128Table (84): Commission & Acquisition costs for 2013-2014 (Marine) In Omani Rial

129table (85): Commission & Acquisition costs for 2013-2014( (Property) In Omani Rial

130Table (86):Commission & Acquisition costs for 2013-2014 (Motors) In Omani Rial

131Table (87): Commission & Acquisition costs for 2013-2014(Motors - comprehensive) In Omani Rial

132Table (88): Commission & Acquisition costs for 2013-2014(Motors - Third Party ) In Omani Rial

133Table (89): Commission & Acquisition costs for 2013-2014(liability) In Omani Rial

134Table (90): Commission & Acquisition costs for 2013-2014(Engineering) In Omani Rial

135Table (91): Commission & Acquisition costs for 2013-2014(Health) In Omani Rial

136Table (92): Commission & Acquisition costs for 2013-2014(Others) In Omani Rial

137Table (93): Incurred Losses By the year for 2013-2014In Omani Rial (General)

138Table (94): Incurred Losses By the year for 2013-2014(Marine) In Omani Rial

139Table (95): Incurred Losses By the year for 2013-2014(Property) In Omani Rial

140Table (96): Incurred Losses By the year for 2013-2014 (Motors) In Omani Rial

141Table (97): Incurred Losses By the year for 2013-2014 (Motors comprehensive) In Omani Rial

142Table (98): Incurred Losses By the year for 2013-2014 (Motors third party ) In Omani Rial

143Table (99): Incurred Losses By the year for 2013-2014 (liabilities ) In Omani Rial

144Table (100): Incurred Losses By the year for 2013-2014(Engineering) In Omani Rial

145Table (101): Incurred Losses By the year for 2013-2014 (Health ) In Omani Rial

146Table (102): Incurred Losses By the year for 2013-2014 (Others) In Omani Rial

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147Table (103): Management Expenses for 2013-2014 (Total) In Omani Rial (General)

148Table (104): Management Expenses for 2013-2014 (Marine) In Omani Rial

149Table (105): Management Expenses for 2013-2014 (Property) In Omani Rial

150Table (106): Management Expenses for 2013-2014 (Motors) In Omani Rial

151Table (107): Management Expenses for 2013-2014 (Motor-comprehensive) In Omani Rial

152Table (108): Management Expenses for 2013-2014(Motor-third party) In Omani Rial

153Table (109): Management Expenses for 2013-2014 (liability) In Omani Rial

154Table (110): Management Expenses for 2013-2014 (Engineering) In Omani Rial

155Table (111): Management Expenses for 2013-2014 (Health) In Omani Rial

156Table (112): Management Expenses for 2013-2014 (Others) In Omani Rial

157Table (113): Loss ratio for 2013-2014 (General)

158Table (114): Loss ratio for 2013-2014 (Marine)

159Table (115): Loss ratio for 2013 - 2014 (Property)

160Table (116): Loss ratio for 2013 - 2014 (Motors)

161Table (117): Loss ratio for 2013 - 2014 (Motors comprehensive)

162Table (118): Loss ratio for 2013 - 2014(Motors third party )

163Table (119): Loss ratio for 2013-2014 (liabilities )

164Table (120): Loss ratio for 2013-2014 (Engineering)

165Table (121): Loss ratio for 2013 - 2014 (Health)

166Table (122): Loss ratio for 2013-2014 (Others)

SubjectPage No

35Directory of Insurance Companies

38National Company Name

40Foreign Company Name

42-43Insurance Broker Companies

10

EXECUTIVE PRESIDENT’S STATEMENT

11

The Capital Market Authority (CMA) is pleased to present the 11th edition of the Insurance Market Review which reflects the performance of the insurance sector in 2014 by highlighting the most salient indicators such as written premiums, paid claims, number of policies, retention ratios and loss ratios for various branches of insurance in addition to the financial indicators of insurance companies and operational performance during the year.

It is noteworthy that the audited financial statements for 2014 suggest the contribution of the insurance sector in the GDP was 1.29%. Gross written premiums increased by 10% to reach RO 396.5 million at the end of 2014 compared to RO 359.9 million at the end of the previous year. They also indicate that motor insurance premiums comprise 40% of the total premiums and health insurance premiums comprise 20% of the total premiums.

Takaful insurance joined the conventional insurance activities in the year with two national companies providing Takaful products with 6% share in the total direct premiums in 2014 and 4% of total claims paid during the year. Premiums collected by insurance brokers were 38% of the total premiums which indicate brokers play an active roles in the insurance sector.

Finally, we would like to confirm that CMA is endeavoring to accomplish the sustainable development process of the insurance sector and the publication of the Insurance Market Review is an evidence of the significance of the statistical indicators for their remarkable role in enriching the knowledge of the participants of the sector inside and outside the Sultanate. We are looking forward for your feedback and constructive suggestions to improve the future publication hoping this edition would satisfy the aspirations and requirements of decision makers and all interested parties in the insurance sector in the Sultanate.

Abdullah Salim Abdullah Al Salmi Executive President

Executive President’s Statement

13

Chapter One OVERVIEW OFINSURANCE SECTOR

16

First: Financial Positions

1. Total CapitalThe capital of insurance companies was about RO 141.5 million in 2014 compared to RO 129.3 million in 2013 with a 9% increase. Total capital of national insurance companies was RO 104.3 million in 2014 compared to RO 93.5 million in 2013 a 12% increase. The capital of foreign insurance companies was 37.1 million in 2014 compared to RO 35.7 million in 2013 a 4% increase.

Table (1): Total paid up capital for 2013-2014 (RO million)

Insurers General insurance Life insurance Total

2013 2014 2013 2014 2013 2014 Change%

National insurers 76.8 83.3 16.7 21.0 93.5 104.3 12%

Foreign insurers 33.3 34.4 2.4 2.7 35.7 37.1 4%

Total 110.2 117.7 19.1 23.7 129.3 141.5 9%

2. Total Assets of Insurance companies Audited financial statements of insurance companies indicate total assets of insurance companies in 2014

have increased by 5% to RO 752.0 million compared to 2013 which were RO 714.2 million (of which RO 590.7

million relating to general insurance and RO 161.2 relating to life insurance) compared to total assets in 2013

which were at RO 714.2 million of which RO 574.7 million relating to general insurance and RO 139.5 million

relating to life insurance. Assets of national insurance companies in 2014 were 70% of the total assets. Assets

of national insurance companies were RO 523.6 million. Assets of foreign insurance companies were 30% of

the total assets at RO 228.4.

Table (2): Total Assets of Insurance Companies (RO million)

Insurers General insurance Life insurance Total

2013 2014 Change% 2013 2014 Change% 2013 2014 Change%

National insurers

423.8 425.8 0.5% 79.9 97.7 22% 503.7 523.6 4%

Foreign insurers

150.9 164.9 9% 59.6 63.5 7% 210.5 228.4 8%

Total 574.7 590.7 3% 139.5 161.2 16% 714.2 752.0 5%

3.Total Investments of Insurance companies Total investments of insurance companies at the end of 2014 were RO 467.5 million of which RO 296.1 million

were investments of national insurance companies and RO 171.4 million investments of foreign insurance

companies, compared to RO 425.5 at the end of 2013 of which RO 264.0 million were investments of national

insurance companies and RO 161.5 million investments of foreign insurance companies. The audited financial

statements suggest that investments of national insurance companies in2014 and 2013 were mainly in bank

deposits and listed shares in MSM. Investment in bank deposits was about 60% in 2014 and 58% in 2013

while investment in listed shares was 21% in 2014 and 23% in 2013. Other types of investments were low at

not more than 9% in 2014 and 2013 (Figure 1) Investments of foreign insurance companies were mainly in

bank deposits at 82% and 85% in 2014 and 2013 consecutively, followed by investment in government bonds

at 11% and 10% in 2014 and 2013 consecutively. Other types of investments of foreign insurance companies

were only 5% in 2014 and 2013.

Table (3): Total Investments of insurance companies (RO million)

National companies Foreign companies Total

Investment type 2013 2014 Change % 2013 2014Change

%2013 2014 Change%

Properties 22.5 26.0 16% 0 0 0% 22.5 26.0 16%

Government bonds

5.1 5.1 0% 16.6 19.1 15% 21.7 24.2 12%

Government guaranteed bonds

0 0 0% 0 0 0% 0 0 0%

Corporate bonds 12.0 13.0 8% 5.4 8.3 53% 17.4 21.3 22%

Shares in national companies

61.2 61.5 1% 0.096 0.23 147% 61.3 61.8 1%

Shares in other companies

6.7 9.1 37% 0.72 0.74 2% 7.4 9.9 33%

Secured by life assurance policies

0.68 0.71 4% 0.52 0.51 -1% 1.2 1.2 2%

Secured by capital redemption

policies1.0 0.96 -6% 0 0 % 1.0 0.96 -6%

Other security 0.54 0.38 -28% 0.92 1.3 46% 1.4 1.7 19%

Bank deposit(General)

114.8 135.7 18% 106.9 107.2 0% 221.7 243.0 10%

Bank deposit(Life)

39.3 43.3 10% 30.2 33.7 12% 69.5 77.1 11%

Total 264.0 296.1 12% 161.5 171.4 6% 425.5 467.5 10%

17

Figure (1) Distribution of investments of national insurance companies 4. Returns from investments of insurance companiesTotal proceeds from investments of insurance companies in 2014 decreased by 33% to RO 14.2 million of

which RO 10.1 million proceeds of investments of national insurance companies and RO 4.1 million proceeds

of investments of foreign insurance companies, compared to RO 21.3 million in 2013 of which RO 17.1

million proceeds of investments of national insurance companies and RO 4.1 million proceeds of investments

of foreign insurance companies. The audited financial statements for 2014 indicate the proceeds of national

insurance companies have decreased by 41% compared to 2013 while the returns of foreign insurance

companies have dropped by 1%.

The audited data for 2014 further suggests an increase in the proceeds of the investments of national

insurance companies in properties by 58% and bank deposits by 13% for general insurance and 9% for life

insurance while increased by 8% in Government bonds while investments in MSM listed shares and non-

listed shares have decreased by 78% and 91% consecutively.

As with regard to investments of foreign insurance companies the financial data indicates an increase in the

proceeds from government bonds by 3% in 2014 compared to 2013. On the other hand the proceeds from

investments in 2013 in other investments have decreased compared to the previous year.

Table (4): Proceeds of investments of insurance companies (RO million)

National companies Foreign companies Total

Investment type 2013 2014 Change % 2013 2014 Change % 2013 2014 Change%

Properties 0.87 1.3 58% 0 0 0% 0.87 1.3 58%

Government bonds 0.15 0.17 8% 0.56 0.58 3% 0.72 0.75 4%

Government guaranteed bonds

0 0 0% 0 0 0% 0 0 0%

Corporate bonds 0.75 0.81 8% 0.20 0.12 -37% 0.95 0.93 -1%

Shares in national companies

9.7 2.1 -78% 0 0 0% 9.7 2.1 -78%


0.83 0.07 -91% -0.022 0.034 -252% 0.81 0.11 -86%


0.07 0.06 -5% 0.042 0.039 -8% 0.11 0.10 -6%

Secured by capital redemption policies

0.16 0.35 113% 0 0 0% 0.16 0.35 113%

Other security 0.008 0.036 326% 0 0 0% 0.008 0.036 326%

Bank deposits(General)

3.8 4.3 13% 2.9 2.9 -1% 6.8 7.2 7%

Bank deposits(Life)

0.66 0.72 9% 0.45 0.43 -3% 1.1 1.1 4%

Total 17.1 10.1 -41% 4.1 4.1 -1% 21.3 14.2 -33%

2013

43%

15%9%

2%

0%

5%

23%3%0%0%0%

Proper�es

Government bonds

Goverment guaranteed bonds

Corporate bonds

Shares in na�onal companies



Secured by capital redemp�on policies

Other security

Bank deposits (General)

Bank deposits (Life)

46%

15%9%

2%

0%

4%

21%3%0%0%0%

2014

18

5. Total net profitsTotal net profits of insurance companies were RO 26.1 million compared to RO 29.3 million in 2013 with 11%

decrease. Profits of national insurance companies were RO 18.3 million in 2014 compared to RO 23.9 million

in 2013 with 24% decrease. Profits of foreign insurance companies were RO 7.8 million in 2014 compared to

RO 5.3 million in 2013 with 47% increase.

Table (5): Total net profits (million RO)

2009 2010 2011 2012 2013 2014

National insurance companies

7.2 7.1 1.9 18.9 23.9 18.3

Foreign insurance companies

0.43 -7.3 1.5 5.1 5.3 7.8

Total 7.6 -0.19 3.4 24.1 29.3 26.1

6. Commissions and production costs Total commissions and productions costs increased by 9% in 2014 to RO 29.9 million compared to RO 27.4 in

2013. 89% of such commissions relate to general insurance in 2014. Commissions and productions costs of

national companies have increased by 10% in 2014 compared to 2013.

Table (6): Total commissions and production costs (RO million)

General Insurance Life insurance Total

2013 2014 Change % 2013 2014 Change % 2013 2014 Change %


12.3 14.2 15% 1.5 1.0 -31% 13.8 15.2 10%


12.0 12.7 6% 1.5 2.0 27% 13.6 14.7 8%

Total 24.3 26.9 11% 3 3 -2% 27.4 29.9 9%

7.Management and General Expenses Management and general expenses in 2014 increased by about 17% compared to 2013. Management and

general expenses of insurance companies in 2014 were RO 46.5 million of which RO 43.5 million relates to

general insurance and RO 3 million relates to life insurance. In 2013 total management and general expenses

were RO 39.6 million of which RO 36.5 million relates to general insurance and RO 3 million relates to life

insurance.

Table (7): Management and General Expenses (RO million)


2013 2014 Change % 2013 2014 Change % 2013 2014 Change%


26.9 31.7 18% 1.7 1.6 -7% 28.6 33.3 16%


9.6 11.8 22% 1.3 1.4 7% 11 13.2 20%

Total 36.5 43.5 19% 3 3 -1% 39.6 46.5 17%

Second: General and Life Insurance

1. Gross Direct Premiums of insurance companies Gross written direct premiums of general insurance business increased by 10% to reach RO 396.5 million

compared to RO 359.9 million in 2013.

Gross direct premiums for general insurance have increased by 10% in 2014 to RO 354.9 compared to RO

322.2 million 2013 . On the other hand gross direct premiums of life insurance have increased by 10% to

RO41.7 million in 2014 compared to RO 37.8 million in 2013.

Table (8): Gross direct premiums of insurance companies (RO million)




240.8 266.3 11% 23.7 24.7 4% 264.5 291 10%


81.3 88.6 9% 14.1 17 21% 95.4 105.5 11%

Total 322.2 354.9 10% 37.8 41.7 10% 359.9 396.5 10%

19

Gross direct premiums of national companies have increased by 10% in 2014 to RO 291 million compared to RO 264.5 million in 2013. Gross direct premiums of general insurance business increased by 11% compared to

2013. Gross direct premiums of life insurance have increased by 4% compared to 2013. As figure (2), motor insurance represents the highest percentage of the gross direct premiums for national companies at 39% of the

gross direct premiums compared to 2013 which was 38% followed by health insurance at 24% which is higher than 2013 which was 20%.

Gross direct premiums of foreign insurance companies were RO 105.5 million with 11% increase in 2014 compared to RO 95.4 million in 2013. Gross direct premiums of general insurance business increased by 9% compared

to 2013 and gross direct premiums for life insurance have increased by 21% compared to 2013. The data indicates that motor insurance represents the highest percentage of the gross direct premiums of foreign insurance

companies at 44% of the gross direct premiums though less than 2013 which was 50%

Table (9): Gross direct premiums of insurance companies (RO million)

National Companies Foreign companies Total

Insurance type 2013 2014 Change 2013 2014 Change 2013 2014 Change

Life Individual 3.4 2.6 -24% 5.1 6.1 18% 8.6 8.7 1%

Group 20.3 22.1 9% 8.9 10.9 22% 29.2 33 13%

Total 23.7 24.7 4% 14.1 17 21% 37.8 41.7 10%

Motor Comprehensive 60.3 67.9 13% 39.6 41.3 4% 99.9 109.2 9%

Third Party 39.5 45.2 14% 8 4.7 -41% 47.5 49.9 5%

Total 99.9 113.0 13% 47.6 46.0 -3% 147.4 159.1 8%

Property 44.2 40.1 -9% 6.4 10.3 62% 50.5 50.4 0%

Marine 10.2 9.8 -4% 4.3 4.7 10% 14.5 14.5 0%

Engineering 13.4 14.3 6% 9.4 10.1 7% 22.9 24.4 7%

Liability 7.4 8.2 11% 3.2 3 -8% 10.6 11.2 6%

Health 52.2 69.4 33% 6.0 8.6 44% 58.2 78.1 34%

Other 13.6 11.5 -15% 4.5 5.8 30% 18.1 17.3 -4%

Total 264.5 291 10% 95.4 105.5 11% 359.9 396.5 10%

22

2013 2014 2013 2014

38% 39% 50% 44%

8%16%

10%

3%5%4%

10%

6%15%

10%

3%5%4%7%

24%8%5%3%4%3%

14%

20%9%5%

5%4%

16%

3%

2014

10%

90%

Marine

Property

Motors

Health

Life

Engineering

Liability

Other

Marine

Property

Motors

Health

Life

Engineering

Liability

Other

Motor Comprehensive

Motor Third Party

Motor Comprehensive

Motor Third Party

2013

17%

83%

2014

40%

60%

2013

40%

60%

2014

36%

64%

Life (individual)

Life (Group)

Life (individual)

Life (Group)

2013

37%

63%

2014

11%

89%

2013

14%

86%

Figure (2) Distribution ratio of direct premiums of insurance business (national companies)

Figure (4) Distribution ratio of direct premiums of motor insurance business (national companies)

Figure (6) Distribution ratio of direct premiums of life insurance business (national companies)

Figure (3) Distribution ratio of direct premiums of insurance business (foreign companies)

(Figure (5) Distribution ratio of direct premiums of motor insurance business (foreign companies)

Figure (7) Distribution ratio of direct premiums of life insurance business (foreign companies)

23

2. Total paid claims by insurance companiesTotal paid claims in 2014 have increases by 8% compared to 2013 to RO 232.2 million in 2014 compared to RO 215.5 million in 2013. Audited financial data indicates increase in the paid claims for general insurance business by 7% to RO 208.4 million in 2014 compared to RO 195.2 million in 2013.

Paid claims for life insurance business have increased by 17% in 2014 compared to the previous year. Gross paid claims by national insurance companies increased by 12% in 2014. Gross total paid claims for general insurance business have increased by 12% compared to 2013. Paid claims for life insurance increased by 14%. For foreign insurance companies gross paid claims were RO 52.9 million decreasing by 5% compared to 2013. Paid claims for general insurance has decreased in 2014 by 9% compared to 2013 and paid claims for life insurance has increased in 2014 by 27% compared to 2013. It is noteworthy that motor insurance represents the highest percentage in claims paid by national and foreign insurers in 2014 at 41% and 60% consecutively.

Table (10): Gross Paid Claims by insurers (RO million)




144.3 161.9 12% 15.3 17.4 14% 159.6 179.3 12%


51.9 46.5 -9% 5.0 6.4 27% 55.9 52.9 -5%

Total 195.2 208.4 7% 20.3 23.8 17% 215.5 232.2 8%

Table (11): Total paid claims by insurers by type (RO million)



Life Individual 2.1 2.4 19% 1 1.9 94% 3 4.3 43%

Group 13.3 15 13% 4 4.5 11% 17.3 19.5 12%

Total 15.3 17.4 14% 5 6.4 27% 20.3 23.8 17%

Motor Comprehensive 40.9 38.7 -5% 25.3 25.4 0.3% 66.1 64.1 -3%

Third Party 33.5 34.5 3% 8.5 6.4 -25% 42 40.8 -3%

Total 74.4 73.2 -2% 33.7 31.7 -6% 108.1 104.9 -3%

Property 23.4 16.1 -31% 3.6 2.3 37% 27 18.4 -32%

Marine 2.1 1.8 -10% 6.2 1.3 -79% 8.3 3.1 -62%

Engineering 4.6 4.1 -11% 3 5.1 69% 7.6 9.2 -21%

Liability 1.6 16.3 919% 0.53 0.56 7% 2.1 16.9 692%

Health 34.7 47.2 36% 3.1 4.9 59% 37.8 52.1 38%

Other 3.5 3.1 -12% 0.76 0.69 -8% 4.3 3.8 -11%

Total 159.6 179.3 12% 55.9 52.9 -5% 215.5 232.2 8%

24

2013 2014 2013 2014

47%

15%

41% 60% 60%

9%

12%

10%

1%1% 3%

4%

6%

9%

5%

1%1%

11%7%

26%

10%2%9%2%1%9%

22%

9%3%

2%1%

1%

2014

20%

80%

Motor Comprehensive

Motor Third Party

Motor Comprehensive

Motor Third Party

2013

25%

75%

2014

47%

53%

2013

45%

55%

2014

29%

71%

Life (individual)

Life (Group)

Life (individual)

Life (Group)

2013

19%

81%

2014

14%

86%

2013

13%

87%

Marine

Property

Motors

Health

Life

Engineering

Liability

Other

Marine

Property

Motors

Health

Life

Engineering

Liability

Other

Figure (12) Distribution ratio of paid claims for life insurance businesses(national companies )

Figure (10) Distribution ratio of paid claims for motor insurance(national companies )

Figure (8) Distribution ratio of paid claims for insurance businesses (national companies )

Figure (13) Distribution ratio of paid claims for life insurance businesses (foreign companies )

Figure (11) Distribution ratio of paid claims for motor insurance(foreign companies )

Figure (9) Distribution ratio of paid claims for insurance businesses(foreign companies )

25

3. Number of polices issued by insurance companiesTable (12): Total Number of insurance policies issued by insurance companies



National insurance

companies927,836 1,038,977 12% 18,551 22,141 19% 946,387 1,061,118 12%

Foreign insurance

companies234,312 279,179 19% 9,068 9,451 4% 243,380 288,630 19%

Total 1,162,148 1,318,156 13% 27,619 31,592 14% 1,189,767 1,349,748 13%

Number of general and life policies issued by insurance companies in 2014 have increased by 13% to 1,349,748 policies (including 1,318,156 general policies and 31,592 life policies) compared to 1,189,767 policies issued in 2013 including 1,162,148 general policies and 27,619 life policies.

General and life insurance policies issued by national insurance companies in 2014 were 1,061,118 policies including 1,038,977general insurance policies and 22,141 life insurance policies while the number of insurance policies issued in 2013 was 946,387 policies including 927,836 general insurance policies and 18,551 life insurance policies. The number of general and life insurance policies issued by foreign insurance companies in 2014 was 288,630 policies including 279,179 general insurance policies and 9,451 life insurance policies compared to 243,380 policies in 2013 including 234,312 general insurance policies and 9068 life insurance policies.

4.Number of Policies issued by insurance companies by type Motor insurance policies have increased by 11% in 2014 to 1,175,283 policies compared to 1,060,240 policies in 2013 due to increase in comprehensive and third party motor insurance policies by 8% and 12%consecutively. Life insurance policies have increased by 14%. Group life insurance policies , not less than one year, have increased by 27% while individual life insurance policies, more than one year, have increased by 9%. There was remarkable increase in health insurance policies at 104% indicating huge demand on such insurance. Property, engineering, liability and other insurances have increased by 11%, 3%, 2% and 68% consecutively. Marine insurance policies have decreased by 8%.

Table (13): Total Insurance policies by type



Life Individual 11,341 13,096 15% 7,757 7,712 -1% 19,098 20,808 9%

Group 7,210 9,045 25% 1,311 1,739 33% 8,521 10,784 27%

Total 18551 22,141 19% 9,068 9,451 4% 27,619 31,592 14%

Motor Comprehensive 153,637 187,014 22% 104,898 93,152 -11% 801,705 280,166 8%

Third Party 727,554 812,161 12% 74,151 82,956 12% 801,705 895,117 12%

Total 881,191 999,175 13% 179,049 176,108 -2% 1,060,240 1,175,283 11%

Property 7,492 7,876 5% 6,218 7,342 18% 13,710 15,218 11%

Marine 6,043 5,807 -4% 8,297 7,371 -11% 14,340 13,178 -8%

Engineering 3,594 3,839 7% 3,016 3001 0% 6,610 6,840 3%

Liability 6,479 6,911 7% 3,291 3,103 -6% 9,770 10,014 2%

Health 2,513 2,984 19% 767 3,691 381% 3,280 6,675 104%

Other 20,524 12,385 -40% 33,674 78,563 133% 54,198 90,948 68%

Total 946,387 1,061,118 12% 243,380 288,630 19% 1,189,767 1,349,748 13%

28

5. Retention RatioRetention ratio of insurance companies in 2014 was about 57% increasing compared to 2013 in which the retention ratio was 54%. Audited financial statements for 2014 suggest retention ratio for national insurance companies in 2014 was about 51% compared to 46% in 2013. Retention ratio for foreign insurance companies has decreased from 77% in 2013 to 74% in 2014. As for retention ratio by type the average retention ratio for national insurance companies in 2014 was 42%. However, retention ratio for most of the insurance branches didn’t exceed the average with the exclusion of motor business and health insurance which was 84% and 44% consecutively. Average retention ratio for foreign insurance companies in 2014 was about 70%, however, the retention ratio for most insurance branches didn’t exceed the average except the motor, health and other insurances which were 93%, 95% and 71% consecutively, and the retention ratio of foreign insurers for all insurance businesses in 2014 and 2013 was more than the ratio of national insurers.

Table (14): Retention ratio (%)

Insurance companies 2013 2014 Change %

National Insurers 46% 51% 5%

Foreign insurers 77% 74% -3%

Total 54% 57% 3%

Table (15): Retention ratio of insurers by type (%)



Motor

Comprehensive 86% 86% 0% 90% 92% 2% 88% 88% 1%

Third Party 82% 81% -1% 98% 98% 0% 85% 84% -1%

Total 84% 84% 0% 91% 93% 2% 87% 87% 0%

Property 2% 4% 2% 40% 27% -13% 8% 9% 1%

Marine 9% 9% -1% 47% 45% -2% 21% 21% 0%

Engineering 9% 9% 0% 54% 46% -8% 28% 24% -3%

Liability 31% 31% 0% 70% 60% -1% 44% 40% -4%

Health 31% 44% 13% 85% 95% 10% 37% 50% 13%

Other 29% 33% 4% 63% 71% 8% 38% 46% 8%

6. Net loss ratios Audited financial statements suggest a drop in the net losses of national insurance companies in 2014 to about 72% compared to 73% in 2013. Net loss ratios of foreign insurance companies decreased from 70% in 2013 to 61% in 2014.

Table (16): Net loss ratios in insurance companies (%)

Insurance companies 2013 2014 Change %

National Insurers 73% 72% -1%

Foreign insurers 70% 61% -9%

Total 72% 69% -3%

Table (17): Net loss ratios in insurance companies by type (%)



Motor

Comprehensive 72% 61% -11% 74% 68% -6% 73% 64% -9%

Third Party 92% 78% -14% 113% 76% -36% 96% 77% -19%

Total 75% 74% 0% 82% 92% 10% 77% 79% 2%

Property 117% 52% -65% 97% 50% -47% 102% 51% -51%

Marine 37% 38% 1% 32% 66% 35% 34% 59% 25%

Engineering 95% 19% -75% 44% 20% -24% 50% 20% -30%

Liability 51% 41% -10% 28% 19% -9% 42% 32% -10%

Health 86% 77% -9% 62% 73% 11% 80% 77% -3%

Other 23% 45% 22% 12% 32% 20% 20% 39% 19%

29

Third: Overview of Takaful Insurance Takaful insurance commenced its business in Oman at the beginning of 2014 with two national companies namely Al Madina Takaful and Oman Takaful. The business is still in the first year and the statistical data indicate the percentage of Takaful insurance of the total direct premiums represents 6% in 2014. The general insurance to life insurance ratio is 6% and 4% consecutively. The percentage of Takaful insurance from the total paid claims represent 4% in 2014, general insurance to life insurance represent 3% and 4% consecutively. The percentage of Takaful insurance to total insurance policies, total commissions and production costs, total administrative expenses and total assets are 4%,24%, 8% and 6% consecutively.

Table (18): Summary of gross direct premiums, paid claims, and policies of Takaful Companies

General Insurance Life Insurance Total

Total companies Takaful Percentage Total companies Takaful Percentage Total companies Takaful Percentage

Gross direct premiums 354,871,367 21,983,913 6% 41,651,614 1,707,978 4% 396,522,981 23,691,891 6%

Total paid indemnities 208,439,417 7,188,763 3% 23,776,808 1,052,272 4% 232,216,225 8,241,035 4%

Total policies 1,318,156 51,147 4% 31,592 2,417 8% 1,349,748 53,564 4%

Total commissions and production costs 26,953,250 1,628,496 37% 3,113,102 171,922 6% 30,066,352 1,800,418 24%

Total administrative expenses 43,556,798 3,476,951 8% 3,155,336 251,554 8% 46,712,133 3,728,505 8%

Total assets 590,801,608 42,537,313 7% 161,258,826 5,862,484 4% 752,060,434 48,399,797 6%

Table 19 shows the direct premiums, paid claims and number of issued policies by Takaful companies by type. Takaful insurance is less than 10% of the total conventional insurance. Life policies (Group) are 22% and engineering 13%.

Table (19): Summary of direct premiums, paid claims and number of policies of Takaful insurance by type

Direct premiums Paid claims Number of policies

Insurance type All companies Takaful Percentage All companies Takaful Percentage All companies Takaful Percentage

Life Individual 8,656,653 124,511 1% 4,297,256 0 0% 20808 0 0%

Group 32,994,960 1,583,467 5% 19,479,552 1,052,272 5% 10784 2417 22%

Total 41,651,614 1,707,978 4% 23,776,808 1,052,272 4% 31592 2417 8%

Motor Comprehensive 109,207,785 5,075,613 5% 64,076,272 3,467,158 5% 280166 22325 8%

Third Party 49,850,274 2,375,538 5% 40,820,348 1,524,289 4% 895,117 25055 3%

Total 159,058,059 10,254,787 6% 104,896,620 4,991,447 5% 1175283 47380 4%

Property 50,377,977 4,773,797 9% 18,407,016 18,420 0% 15218 800 5%

Marine 14,498,865 1,086,190 7% 3,149,935 283,684 9% 13178 445 3%

Engineering 24,386,836 1,095,172 4% 9,167,603 116,477 1% 6840 879 13%

Liability 11,157,874 994,749 9% 16,910,557 44,598 0% 10014 555 6%

Health 78,053,384 2,573,110 3% 52,101,087 1,537,000 3% 6675 91 1%

Other 17,338,370 1,206,108 7% 3,806,599 197,137 5% 90948 997 1%

Total 396,522,981 23,691,891 6% 232,216,225 8,241,035 4% 1349748 53564 4%

30

Retention ratio of Takaful companies in 2014 was 58% and the loss ratio was 56% for the same year.

Table (20): Retention and loss ratio of Takaful companies

Retention ratio Loss ratio

58% 56%

Investments of Takaful companies were 7% at RO 31,126,786 compared to RO467,557,599 for total investments of insurance companies. Proceeds of investments of Takaful companies were 6% at RO 880,919 compared to RO14,270,396 for total investments of insurance companies.

Table (21): Total investments of insurance companies

Total companies Takaful Percentage

Total Investments 467,557,599 31,126,786 7%

Return on investment 14,270,396 880,919 6%

Fourth: Insurance BrokersThe data indicates that brokers have played a substantial role in collecting the premiums. Premiums collected by the brokers were RO 149.7 million at 38% of the total premiums. The number of brokers at the end of 2014 was 36 brokers compared to 31 brokers at the end of 2013. The data analysis suggests two brokerage companies have acquired 58% of the total premiums collected by insurance brokers.

Table (22): Total direct premiums and commissions of insurance brokers(RO million)

Total premiums Total commission

2013 2014 change 2013 2014 change

126.0 149.7 19% 13.4 14.9 11%

Fifth: Omanization in the Insurance Sector

1. Number of employees of insurance companies and brokersNumber of employees of the insurance sector in 2014 was 2376 of which 1556 Omanis comprising 65%, compared to 2170 employees in 2013 of which 1399 were Omanis comprising 64% of the total number of the employees of the sector. National insurance companies employ 61% of the total national employees of the insurance sector.

Table (23): Number of employees of insurance companies and brokers

Number of employees

2013 2014

Omani Expatriate total Omani Expatriate total

number% of total

number% of total

number% of total

% of total

number% of total

number% of total

National Insurance

Companies916 65% 427 55% 1343 62% 942 61% 452 55% 1394 59%

Foreign insurance

companies205 15% 123 16% 328 15% 301 19% 139 17% 440 19%

Insurance brokers

278 20% 221 29% 499 23% 313 20% 229 28% 542 23%

Total 1399 64% 771 36% 2170 100% 1556 65% 820 35% 2376 100%

Figure (14) Percentage of Omani and expatriate employees in the insurance sector

64%

2013

36%

65%

2014

35%

OmaniForeign

OmaniForeign

31

2. Number of employees of national insurance companies National employees working for national insurance companies were 942 in 2014 compared to 916 in 2013.Omanization ratio in 2014 was 68% compared to 68% in 2013.

Table (24): Number of employees of national insurance companies

2013 2014

Name of company Omani Expatriate Total Omanization% Omani Expatriate Total Omanization%

Al Ahliya Insurance 123 66 189 65% 118 64 182 65%

Oman United Insur-ance

109 53 162 67% 113 51 164 69%

Dhofar Insurance 281 88 369 76% 276 107 383 72%

Muscat Insurance. 49 24 73 67% 61 23 84 73%

Muscat Life Insur-ance

12 6 18 67% 16 5 21 76%

Omani Qatari Insur-ance

33 19 52 63% 38 20 58 66%

Falcon Insurance 42 31 73 58% 40 30 70 57%

National Life & Gen-eral & Insurance

131 69 200 66% 112 69 181 62%

Vision Insurance 53 34 87 61% 57 33 90 63%

Al Madina Takaful83 37 120 69% 95 43 138 69%

Takaful Oman 0 0 0 0% 16 7 23 70%

Total 916 427 1343 68% 942 452 1394 68%

3. Number of Employees of Foreign Insurance Companies National employees working for foreign insurance companies were 301 in 2014 compared to 205 in 2013. Omanizaion ratio in foreign insurance companies in 2014 was 68% compared to 63% in 2013.

Table (25): Number of Employees of Foreign Insurance Companies

2013 2014

Omani Expatriate Total Omanization% Omani Expatriate Total Omanization%

Arabian Insurance 28 28 56 50% 34 32 66 52%

Saudi Insurance 8 6 14 57% 7 6 13 54%

Iranian Insurance 12 11 23 52% 13 11 24 54%

AXA Insurance 47 19 66 71% 56 20 76 74%

New India Assurance 45 22 67 67% 53 26 79 67%

MetLife Insurance 10 5 15 67% 7 5 12 58%

AIG Limited 8 4 12 67% 82 14 96 85%

Oman Insurance (Oman Branch)

12 7 19 63% 13 8 21 62%

Zurich Middle East 15 9 24 63% 9 2 11 82%

Arab Orient Insurance 15 8 23 65% 14 8 22 64%

AC Life Insurance 5 4 9 56% 13 7 20 65%

Total 205 123 328 63% 301 139 440 68%

32

Sixth: General Statistics on Insurance Sector during the period 2010-2014

Table (26): General Statistics on Insurance Sector during the period 2010-2014

2014 2013 2012 2011 2010

General life Total General life Total General life Total General life Total General life Total

Direct Premiums(RO million)

National Insurers 266,3 24,7 291 240,8 23,7 264,5 209.61 27.55 237.16 158.31 51.23 209.54 155.56 30.66 186.21

Foreign Insurers 88.6 17 105.5 81,3 14,1 95,4 73.38 16.28 89.66 60.3 15.88 76.18 51.42 10.21 61.63

Total 354.9 41,7 396,5 322,2 37,8 359,9 282.99 43.83 326.81 218.61 67.11 285.72 206.98 40.87 247.85

Paid Claims(RO million)

National Insurers 161,9 17,4 179,3 144,3 15,3 159,6 122.34 15.5 137.84 104.33 26.21 130.54 93.99 20.6 114.59

Foreign Insurers 46,5 6,4 52,9 50,9 5,0 55,9 39.49 4.42 43.91 40.6 2.9 43.5 30.83 3.5 34.33

Total 208,4 23,8 232,2 195,2 20,3 215,5 161.83 19.92 181.76 144.93 29.11 174.04 124.82 24.1 148.92

Number of policies

National Insurers 1,038,977 22,141 1,061,118 927,836 18,551 946,387 870,196 17,476 887,672 795,919 15,947 811,866 5,686 10,734 16,420

Foreign Insurers 279,179 9,451 288,630 234,312 9,068 243,380 216,277 8,851 225,128 174,249 2,365 176,614 152,612 2,034 154,646

Total 1,318,156 31,592 1,349,748 1,162,148 27,619 1,189,767 1,086,473 26,327 1,112,800 970,168 18,312 988,480 721,212 12,768 733,980

Figure (15) Omanization Ratios in the Insurance Sector 2010-to 2014

2015

2014

2013

2012

2011

2010

2009

2008

2007

20061

58% 58% 59% 63% 64% 65%

2009 2010 2011 2012 2013 2014

2 3 4 5 6

34

UNSTOPPABLEFourth time Oman Insurer of the Year

Our spirit to excel ensures we keep challenging ourselves and scaling new heights.

We believe success is a continuous process. And our success is a culmination of the trust of our Stakeholders, love of our customers and hard work of our people. We whole-heartedly thank them for keeping us inspired and driven as we proudly accept the OMAN INSURER OF THE YEAR award.

www.alahliaoman.com

COMMERCIAL INSURANCE Property Engineering Marine Casualty Motor Fleet PERSONAL INSURANCE Motor Home Travel Personal Accident

Al Ahlia Insurance Co. SAOC PO Box 1463 Ruwi, PC 112, Sultanate of OmanTel: 24766800, Fax: 24797151, Email: [email protected]

OMAN INSURER OF THE YEAR

2011 • 2012 • 2014 • 2015by MENA Insurance Review

35

DIRECTORY OFINSURANCE COMPANIES

Chapter Two

38

NationalCompany Name

Registration Date

Activity General Manager Address Telephone

No.Fax No. E- mail Website

Al Ahlia Insurance

04/05/2004 General and Life Insurance Mr. Lloyd East P.O. Box 1463, PC 112, Oman 24766800 24797151 [email protected] www.alahliaoman.com

Oman United Insurance 22/08/1998 General and Life InsuranceSayyid nasser Bin salim Al

BisaidiP.O. BOX 1522, P.O. 112 24477330 24477331 [email protected] www.omanutd.com

Dhofar Insurance 13/04/1991 General and Life Insurance Taher T. Al Heraki P.O.BOX:1002,P.C:112, RUWI 24705305 24793641 [email protected] www.dhofarinsurance.com

Muscat Insurance 02/03/1999 General Insurance Mr.Parameswaran PL P.O.Box: 72, PC:112, RUWI 24478897 24481847 [email protected] www.muscatinsurance.com

Muscat Life Insurance 03/02/1999 Life Insurance Syed Zaheerullah Hussaini P.O. BOX: 72, P.C: 112 Ruwi 24398145 24398143 [email protected] www.muscatlife.com

Oman & Qater Insurance 07/03/2004 General and Life Insurance Johnson P John P.O.Box.3660, P.C.112, Ruwi 24700798 24700815 [email protected] www.oqic.com

Falcon Insurance 14/09/2005 General and Life Insurance Mr. A R Srinivasan Post Box 2279, PC 112, Ruwi24660900, 24660904

24566476 [email protected].

com

National Life Insurance and General 14/6/1995 General and Life Insurance Mr. S. VenkatachalamP. O. Box:798, P.C. 117

Wadi Kabir24730821 24730995

[email protected]@nlicgulf.com

www.nlicgulf.com

Vision Insurance 09/01/2007 General and Life Insurance Mr. P.R.Ramakrishnan PO Box 1882 PC 114, Jibroo 24853900 24853999 [email protected] www.insurevic.com

Al Madina Takaful 15/05/2006General Takaful Insurance &

Family Takaful InsuranceMr Gautam Datta

P.O. Box- 80, P.C. 136AL Khuwair

22033888 22033833 [email protected] www.almadinatakaful.com

Takaful Oman 02/03/2014General Takaful Insurance &

Family Takaful InsuranceO.G. Ravishankar

P O Box 207, PC 134,Shatti Al Qurum

24699781 24699511 [email protected] www.takafuloman.om

National Company Name

40

ForeignCompany Name

Registration Date

Activity General Manager Address Telephone

No.Fax No. E- mail Website

Arabia Insurance 26/6/2011General Insurance & Life

InsuranceFadi Chammas P.O.Box.1905,P.C.112,RUWI

2479329924700219

24793298 [email protected] www.arabiainsurance .com

Saudi Arabian Insurance 02/08/2008General Insurance & Life

InsuranceMr. Ghassan E Ayoub

P. O. BOX. 839, JIBROO,P C 114

24863100 24703840 [email protected] www.saicoins.com

Iran Insurance 28/03/1981 General Insurance H.N.Ravindra P.O.Box 417,P.C. 113, Muscat 24568506 24567906 bimehiro@bimehir. com.om www.bimehir.com

Axa Insurance 28/03/1981General Insurance & Life

InsuranceJonathan Jane

P.O.Box: 1276, P.C. 136, AL Khuwair

24400100 24400120 n/a www.axa-gulf.com

The New India Assurance 25/02/1982 GENERAL INSURANCE Mr.K.V. Francis P.O.BOX 2907, P.C.112, RUWI 24838800 24838899 [email protected] www.newindiaoman.com

Metlife Alico Insurance 12/09/1981General Insurance & Life

InsuranceTheodor Alexandrescu PO Box 894, PC 114, Jibroo

247 87531 247 87532

247 00463

[email protected]

AIG MEA Limited 18/6/2007 GENERAL INSURANCE Bhardwaj Neelmani PO Box 1416, PC 114, Jibroo 99311237 - [email protected]://www.aig.

com/_825_204002.html

Oman insurance 07/10/2007General Insurance & Life

InsuranceBilal Adhami P.O.BOX: 1201, P.C.112,RUWI 24789232 24703474 [email protected] www.tameen.ae

Zurich Middle East Insurance 29/07/2006 GENERAL INSURANCE Mahdi bin Salim AL Harthi P.O Box: 1101 P.C: 114, JIBROO 80077171 24484883 [email protected] www.zurich.com/middleeast

Arab Orient Insurance 19/05/2008General Insurance & Life

InsuranceAdil Al Lawati

P. O. BOX: 1534, P.C. 136, AL Khuwair

2447 5410 2447 5262 [email protected] insuranceuae.com

Life Insurance Coporation International 14/12/2003Life Insurance to Indian

CommunityMr. V.S. Madhu P. O. Box: 2243, PC:112, Ruwi 24700441 24700768 [email protected] licinternational.com

Foreign Company Name

42

Insurance Broker Companies

Broker name License date Address Telephone No. Fax No. E- mail Website

GULF INSURANCE BROKERS LLC 14/11/2010 P.O. BOX: 2356, P.C :112 RUWI 24703792 24703791 [email protected] www.gulfinsuranceoman.com

Trust Insurance Services LLC 28/06/2010 PO Box: 1192, P.Code: 133 24121843 24121809 [email protected] -

ACE INSURANCE BROKERS LLC. 24/06/2012 P.O Box:1972 P.C:112 Ruwi 24798473 24798456 [email protected] www.aceinsbrokers.com

Nawras Royal 17/08/2010 P.O Box: 1192, P. C: 133 25414338 25414338 [email protected] N.A.

Al Jazeera Insurance Services LLC 24/03/2013 P.O Box: 3876, P.C: 112 Ruwi 24607201 24601729 aljazeerainsure.com N.A.

Armour Insurance Services LLC 26/8/2010 P.O Box: 3418, PC: 112, Ruwi 24702914 24702904 [email protected] N.A.

Gapcorp Insurance Brokers Muscat LLC 10/01/2011 P.O. Box: 4011 - P.C. 112 Ruwi, 24576500 24 572372 [email protected] www.gapcorp.com

Risk Management Services LLC 05/09/2012 P.O. Box:1734, PC:112, Ruwi 24762600 24798423 [email protected] www.rmsllc.com

REGAL INSURANCE MANAGEMENT SERVICES LLC 18/10/2010 P.O. BOX 3946, PC 112 RUWI 24605041 24605012 [email protected] www.regalinsuranceoman.com

Al Fajar Insurance Services LLC 15/08/2010 Po Box:603,P.C:114,Muttrah 24498925 24498926 [email protected] N.A.

NEW OMAN INSURANCE & RE-INSURANCE SERVICES LLC. 13/05/2012 P.O.Box :1581,P.C:130 Azaiba 24210591 24210597 [email protected] www.noirsoman.com

Omani Bureau for Insurance Services 26/2/2011 P.O. BOX : 1811, P.C: 114 JIBROO 24799344 24799480 [email protected] N.A.

Capital Insurance Services LLC 17/06/1998 P.O Box: 1578, PC: 114 Jibroo 2481 0858 2481 0716 [email protected] N.A.

Alliance Insurance Broker 26/03/2013 P.O Box:1809 P.C:114 Jibroo 24489863 24495861 [email protected] www.allianceoman.com

SAMA HARWEEL INSURANCE SERVICES LLC. 11/01/2012 P.O.BOX :1062, P.C:130 AL AZAIBA 24499667 24499117 [email protected] N.A.

Salaam Insurance LLC 23/4/2014 P.O Box :988, P.C:117, Wadi Kabir 24703246 24703273 [email protected] N.A.

Saih Al Malah Insurance Brokers LLC 02/09/2014 P.O Box :629, P.C:112, Ruwi 24600177 24600177 [email protected] N.A.

Muscat Insurance Services LLC 12/01/2014 P.O Box 2063,PC 112,Ruwi 24706801 24706806 [email protected] N.A.

43

Insurance Broker Companies

Broker name License date Address Telephone No. Fax No. E- mail Website

Khimji Ramdas Insurance Services llc 02/11/2012 P.O Box:19,P.C-100,Muscat 24861444 24861440 technical.insurance @kr.om insurance.khimji.com

Insurance Management Services Co. LLC 06/09/2013 P.O. Box: 3300, P.C: 112 Ruwi 24797761 24797764 [email protected] N.A.

Marsh Oman LLC 29/05/2012 P.O : Box: 197, P.C: 116, Muscat 24659001 24564271 [email protected] www.marshme.com

AON MAJAN L.L.C. 30/12/2014 P.O Box :67, P.Co: 134 2469 7451 2469 7487 [email protected] N.A.

AL.IZZ INSURANCE BROKERS 08/09/2013 P.O Box:352, P.C: 116 24565122 24565613 [email protected] N.A.

AL BARKA INSURANCE SERVICES 26/05/2014 P.Box: 449, PC : 320, Barka 26882277 26883375 [email protected] N.A.

Intergrated Solution for Insurance Brokers 14/01/2012 P.Box: 427, PC : 320, Barka 26886001 26881955 [email protected] www.isiboman.com

ZENITH Insurance Services L.L.C 09/11/2010 P.O Box :1019, PC: 130 Azaiba 24493397 24493042 [email protected] www.zenith-ins.com

NEW GENERATION INSURANCE SERVICES CO. LLC 06/10/2013 P O BOX: 162,P C: 117,WATTAYAH 24571472 24571583 [email protected] ngisoman.com

MODERN GULF INSURANCE SERVICES 23/12/2013 PO BOX: 382,P.C: 117 WATTAYAH 24783368 24789958 [email protected] www.mgioman.com

Insurance Services Centre 04/07/2013 P.O.Box: 1931, P.C:114 Jibroo 24792923 24785070 [email protected] N.A.

Gargash and Trade Links Insurance Services LLC 21/8/ 2010 Post Box: 46, P.C: 117, Wadi Kabir 24816999 24816699 [email protected] www.gargashtls.com

C.E.Heath & Partners L.L.C 30/04/2012 P.O Box :3424, P.C: 112 Ruwi 24701699 24702081 [email protected] www.ceheath.com

Assarain Insurance services LLC 10/11/2011 P.O.BOX: 1475,P.C :112,RUWI 24695570 24601324 [email protected] www.assarain.com

UNITED INSURANCE SERVICES LLC 18/09/2011 P.O Box: 614, P.C: 113 22006111 24481873 [email protected] N.A.

PROTECTOPIA INSURANCE SERVICES L.L.C 12/04/0214 P.O Box:488 ,P.C: 100 Qurum 24600577 24600577 [email protected] www.protectopia.com

DOT Intl 14/5/2013 P.O. BOX: 2164, P.C: 112 24793999 20702237 [email protected] www.dotintl.com

GLOBAL UNITED INSURANCE Services 23/12/2013 P.O Box:401 ,P.C: 114 Jibroo 91397765 - [email protected] GLOBALUIS.COM

his majesty sultan qaboos bin said · 4 subject page no first: financial statement (general and...

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