On a like-for-like basis, gross written premiums
in the P&C segment increased 4% with growth across all regions.
The Lloyd's of London insurer said gross written premiums
"The extension of mandatory medical insurance to more than 2 million dependents of Saudi nationals, as well as increasing infrastructure spending, should help the insurance sector return to modest growth in gross written premiums
and profitability this year, despite a declining expat population," the report said.
Average growth of insurance premiums in the last five years was 5.8 per cent, with motor insurance comprising 34 per cent of the gross premiums and health insurance 30 per cent of the gross written premiums
. Total paid indemnities increased 14 per cent in 2017 to RO304.98mn.
Gross written premiums
have increased by 0.3 per cent to reach OMR451.57 million at the end of 2017, compared to OMR450.24 million at the end of the previous year.
Home insurance gross written premiums
lifted 0.4% to PS96 million.
The gross written premiums
in the general insurance sector amounted to RON5.78bn during this period, which is an increase of 1 percent year-on-year.
Chief executive of Esure Group Stuart Vann said: "In motor, gross written premium
growth of 17.1% to PS128.9m reflects year-on-year policy growth and our positive rating actions.
The motor segment is expected to be the market's most lucrative in 2015, with total gross written premiums
of $827.6bn, equivalent to 38.4% of the market's overall value.
* This report provides you with a breakdown of market data including data on gross written premiums
, earned premiums, premiums per capita, number of active policies, insurance density, sum assured and insurance penetration
It said gross written premiums
leapt 16.9 per cent to PS453.4 million at Lloyds of London, helped by "healthy" rates in casualty, small property and specialty car insurance.