As Oman’s insurance market continues to face headwinds amid a challenging economic environment, the growth in gross insurance premiums sharply declined to 1.9% for 2016 vs. 10% growth in 2015. The growth of the insurance sector in 2016 decreased due to the economic situation resulting from the fall in oil prices and the reduction in Oman’s budget expenditure, the Capital Market Authority (CMA) said in its insurance market report released on Tuesday. Total premiums in Oman’s insurance market rose to OMR454.64mn at the end of 2016 from OMR446.24mn in the previous year.
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