Takaful Premiums in Oman Increased 20% YoY in 2019, Outperforming the Overall Insurance Sector

Data from the Capital Market Authority (CMA)’s 2019 Annual Report reveal that gross direct premiums in Oman’s Takaful industry grew 20% year-over-year (YoY) to OMR 64.167 million in 2019 from OMR 53.584 million the previous year. CMA stated that this growth came in line with the steady growth trends witnessed in Oman’s Islamic finance industry.

According to the Annual Report, the overall insurance industry (both conventional and Takaful) witnessed a 5.0% YoY increase in gross direct premiums to OMR 486.58 million in 2019. Takaful premiums accounted for 13.2% (OMR 64 million) of gross direct premiums collected in the total insurance industry in Oman in 2019.

CMA dat...