Published on : Oct 22, 2018
Albany, New York, October 22, 2018: The insurance industry in Oman is all set to register significant growth in the near future with ample adoption of motor insurance and obligation of employee health insurance by the private sector. Further, macroeconomic factors such as rising population and increased business activities are accounted as major growth initiators of the insurance industry in Oman. Market Research Hub (MRH) in its recent research report titled, 'The Insurance Industry in Oman, Key Trends and Opportunities to 2022' spans recent developments and their reciprocal impact on the growth of insurance industry in Oman.
Foreign Insurers Claiming Larger Market Share in Insurance Industry in Oman
The insurance industry in Oman is largely dominated by local players and insurers operating massively in general insurance segment. However with onset of foreign investors competition in Omani insurance industry depicts reasonable spike in life insurance and motor insurance. Leading companies are investing in developing attractive schemes to entice larger customer base. Additionally, leading market participants are largely banking upon strategic mergers and acquisitions to attain market stability.
Al Ahlia Insurance Company Invests in Motor Insurance and New Brand Identity
Al Ahlia Insurance Company, one of the most forward looking insurance companies in Oman has recently invested in creating a new brand identity in Oman. The venture is a significant business strategy to ensure superlative online platforms and refurbished product portfolio to engage larger consumer base. The company has also unrolled its novel motor insurance offerings to elevate its position in the insurance industry of Oman.
Elaborate research findings gleaned in the report on insurance industry in Oman offers significant information on various market segments prevalent in the market. The report categorizes general insurance, non-life insurance, life insurance, risk management, and reinsurance as core market segments. Further, life insurance is classified into individual and group life insurance. General insurance is classified into property, motor, marine, aviation, and transit insurance, besides personal accident and health insurance. This section of the report allows readers to gauge the segment associated with surged revenue generation, besides allowing readers to comprehend the impact of segments in fostering holistic market growth. Additionally, the report also allows readers to gain firsthand information on various marketing tactics and tools implemented by core market players across regions and their subsequent implications on the growth if insurance industry in Oman.
Competition Spectrum: Insurance Industry Oman
Elaborate research findings included in the report allow readers to evaluate the efficacy of market segments in steering favorable market growth besides enabling favorable consumer response in terms of their buying preferences and subsequent buying decisions. New and existing market players can engage in thorough understanding of these winning strategies to infer core deductions based on which new and existing market players can facilitate lucrative business decisions that cement their leading position besides ensuring sustained revenue pools in the insurance industry of Oman. Some of the leading players identified include, National Life & General Insurance Company, Oman United Insurance Company, Dhofar Insurance Company, Al Madina Insurance Company, and Al Ahlia Insurance Company
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