Gonu fails to shake Oman insurance market

GONU IMPACT: The Oman insurance market has stood up well to the effects of Cyclone Gonu last year. (Getty Images)

Oman’s insurance market remains strong despite its heavy loses from the Cyclone Gonu in 2007, the credit ratings agency, Standard & Poors said on Tuesday.

Oman’s insurance sector is “thriving” according to S&P’s recent report. “Growing opportunities for insurance and reinsurance in the Sultanate of Oman”, it said.

“Oman has developed a thriving domestic retail and commercial insurance sector. A buoyant economy and supportive regulatory regime are particular factors in this growth,” David Anthony, credit analyst for S&P said.

The report also looks at the details of the changing regulatory environment and how these will affect the market.

“The Capital Markets Authority as Oman’s regulator is one of the most respected in the region.

"We expect the CMA to continue its pragmatic approach to market regulation, moving increasingly to a risk-based capital assessment of insurers’ solvency, while avoiding unnecessarily restrictive regulations, thereby allowing the market to continue its positive development,” said Anthony.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM