S&P Report Says Oman Insurance Market Still Strong After 2007 Losses

In its latest report on the insurance market in the Sultanate of Oman, Standard & Poor’s Ratings Services says that despite the heavy losses from Cyclone Gonu in 2007, the sector has much to commend it.

“Oman has developed a thriving domestic retail and commercial insurance sector. A buoyant economy and supportive regulatory regime are particular factors in this growth,” explained credit analyst David Anthony.

S&P”s report, titled “Growing Opportunities For Insurance And Reinsurance In The Sultanate of Oman,” also looks at the details of the changing regulatory environment and how these will affect the market.

“The Capital Markets Authority as Oman’s regulator is one of the most respected in the region. We expect the CMA to continue its pragmatic approach to market regulation, moving increasingly to a risk-based capital assessment of insurers’ solvency, while avoiding unnecessarily restrictive regulations, thereby allowing the market to continue its positive development,” Anthony added.

Source: Standard & Poor’s – www.standardandpoors.com