Total direct premiums paid to insurance companies in 2015 amounted to RO442mn, up by 11.5 per cent compared to 2014, with ROR396.52mn direct premiums.
Vehicle insurance policies accounted for 85.6 per cent of the total insurance policies registered at the insurance companies.
The total value of direct insurance premiums on vehicles amounted to OMR162.29 million while the total direct premiums for life insurance amounted to RO52.95mn and property insurance at RO46.54mn.
The total direct marine insurance premiums amounted to RO4.27mn. The total direct insurance premiums on liability amounted to RO12.31mn engineering insurance RO23.92mn health insurance RO102.50mn and for other types of insurance RO26.87mn.
The total compensation paid by the insurance companies operating in the Sultanate reached in 2015 OMR290.72 million a rise of 25.2 per cent, compared to 2014, at RO232.21mn.
The total value of the compensation paid for vehicle insurance reached RO113.86mn for life insurance ROR27.53mn and for property insurance RO53.53mn.
The total compensation paid for marine insurance totalled RO7.89mn for liability insurance RO1.90mn and for engineering insurance RO7.04mn.
The total compensation paid for health insurance reached RO73.84mn and for other types of insurance RO5.09mn.
The insurance companies registered 1,436,365 policies in 2015, vehicle insurance constituted 85.6 per cent with 1,230,077 policies, 35,188 policies for life insurance with 2.4 per cent, for property 16,313 policies, with 1.1 per cent, for marine insurance 13,232 policies with 0.9 per cent, liability insurance 9,630 polices with 0.7 per cent, engineering insurance 7,438 policies with 0.5 per cent, health insurance 11,168 policies with 0.8 per cent, and for other types of insurance 113,319 policies.
The number of insurance companies in the Sultanate by the end of 2015 amounted to 22 with 155 branches, 11 of them Omanis, seven Arab and four foreign companies.