Muscat: The insurance industry in the Sultanate of Oman is experiencing rapid growth, making it one of the fastest-growing sectors in the country. Currently, it contributes approximately 1.23 percent to the gross domestic product (GDP), and the growth rate of insurance premiums in 2022 reached an impressive 13 percent.
Mustafa Ahmed Salman, a member of the Board of Directors of the Oman Chamber of Commerce and Industry and Chairman of the Chamber's Finance and Insurance Committee, has expressed his confidence in the continued growth of the insurance sector. He expects the sector's growth in 2023 to exceed 10 percent. Salman believes that increasing the capital of insurance companies will play a significant role in attracting investors and fostering further growth in the sector.
In an interview with the Oman News Agency, Salman stated, "Currently, the insurance sector contributes 1.3 percent to the Sultanate of Oman's GDP, which is a commendable percentage compared to other Arab countries." He also highlighted that the total volume of insurance in the Arab region amounts to approximately 45 billion US dollars, representing one percent of the global insurance market.
Salman emphasized the efforts of the Finance and Insurance Committee of the Oman Chamber of Commerce and Industry in studying and developing laws, regulations, and decisions related to the insurance sector. The committee also monitors challenges faced by the industry and presents proposals and strategies to overcome them. He further explained that increasing the contribution of insurance to the GDP can be achieved through the establishment of large-scale projects, capital investment in insurance companies, and strengthening their reserves.
Regarding the performance of insurance companies listed on the Muscat Stock Exchange, Salman assured that they are traded at fair prices and have consistently provided good dividends in recent years. Efforts are underway to increase trading activity in these companies' shares, aiming to attract more investors to buy and trade their stocks.
