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Oman Insurance Pricing Trends Q1 2022

Insurance pricing for Oman was generally stable in the fourth quarter of 2021, with the exception of property and engineering risks, which experienced increased claims following Cyclone Shaheen.

Oman

Insurance pricing was generally stable in the fourth quarter of 2021, with the exception of property and engineering risks, which experienced increased claims following Cyclone Shaheen.

Casualty: 

Pricing in the casualty insurance market remained stable and competitive, declining 3% on average in the first quarter.

  • Professional indemnity insurance is gaining attention among clients recently, with all government contracts requiring professional indemnity cover.

Property: 

Property insurance pricing increased an average of 29% in the first quarter. Some insurers that experienced significant property insurance losses due to Cyclone Shaheen offered limited, if any, capacity in the first quarter.

  • Overall capacity reduced in the first quarter; however, city based exposures with no losses generally experienced flat renewals, while those with losses experienced increases in the 15% to 25% range.
  • Property insurance pricing increases ranged from 100% to 150%, with increases in deductibles and stringent loss limits for natural catastrophe risks.
  • Further losses from a cyclone or flooding incident could potentially deteriorate market capacity and appetite for natural catastrophe risks, potentially leading to their exclusion in the future.

Middle East and Africa Pricing - Q1 2022