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Tue 26 Aug 2008 03:09 PM

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Gonu fails to shake Oman insurance market

Sector is 'thriving' despite Cyclone Gonu, according to report by Standard & Poor's.

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.

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