Oman’s Takaful Sector Grows 9.1% to OMR 70.78 Million in 2021: CMA
June 24, 2022 | Updated at June 24, 2022
The takaful sector in the Sultanate of Oman (Oman) has witnessed a 9.1% jump in 2021 as total direct contributions amounted to OMR 70.78 million (USD 183 million) of the country’s insurance sector, from OMR 64.85 million (USD 168 million) in 2020, according to the Statistical Yearbook of Insurance Sector Indicators for the year 2021 issued by the Capital Market Authority (CMA).
Why it Matters?
In 2017, the insurance industry made up 1.45% of the country’s gross domestic product (GDP), while Islamic insurance business accounted for 15% of total direct premiums in Oman’s insurance sector and 13% of total compensation paid.
DetailsOf the total direct premiums written, health insurance made up 34%, whil...