JEDDAH: According to official data, investments by Oman’s insurance industry increased 10.3% year over year to 876.3 million Omani rials ($2.28 billion) at the end of the first quarter, primarily due to increased allocations to domestic assets.
According to the Oman News Agency, which cited unaudited statistics from the Financial Services Authority, domestic insurance companies controlled about 588.8 million rials of the sector’s total investments, while foreign insurers had about 287.5 million rials.
The rise is indicative of the insurance industry’s expanding contribution to Oman’s economy by allocating its resources among a variety of instruments, stimulating capital markets and economic expansion while upholding responsible investment practices.
According to ONA, “the regulation also sets investment limits across various asset classes, including bank deposits, equities, bonds, and real estate, and requires insurers to invest at least 70% of their total investments within Oman.”
According to the data, foreign insurers allocated around 85% of their portfolios locally, while domestic insurers invested about 80% of their portfolios within Oman, indicating increased institutional trust in the nation’s investment climate.
The ONA report stated that “investments by national insurance companies were spread across several asset classes that directly support the domestic economy,” with cash and bank deposits making up the largest share at 263.9 million rials, or roughly 45% of all investments made by domestic insurers.
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