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Oman

Life Report

Product Insurance Market Reports Life Rev Oman

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Oman's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Oman's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Oman

The Oman life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Oman. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Oman and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Oman’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Oman is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Oman; as well as the legislation necessary to know regarding Oman’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Oman with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Oman's market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Oman, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Oman's pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Oman report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Oman Life and Benefits Report Extract

Below are brief extracts of information from the Oman Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The life insurance market in Oman has for some time been more heavily characterised by individual business than is the case in many other markets in the Gulf Cooperation Council (GCC): in contrast to other GCC markets group business has developed only moderately in the past. It should be noted that the group life category in Oman as reported by the regulator includes credit life business transacted by banks.

In 2016 many banks ceased purchasing credit life ....

Pensions

A market for individual pensions has yet to develop, since most Omanis rely on the state social security scheme, which makes provision for retirement pensions.

Private sector employer-sponsored pension schemes are not the norm ....

Healthcare

Following the approval in 2017 of the Council of Ministers and Ministry of Health for the implementation of a compulsory PMI scheme for all those people (and their dependants), Omanis and expatriates, working in the private sector of the economy the insurance market regulator has completed the required regulatory framework, including publishing a unified policy and considering issues of compliance and oversight. The scheme as a whole is known as Dhamani. It is to be progressively implemented ....

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