GCC Insurance Market Scenario:
After enjoying a surge in sales in the immediate post-pandemic world, insurance companies worldwide are returning to the pre-pandemic time profit levels in 2023. Like most other sectors, the insurance sector is also experiencing major upheavals in the post-pandemic era. Health emergencies, economic shifts, and climate goals are the major driving forces behind the upheavals the insurance industry is facing today. However, the GCC countries are relentlessly working towards infrastructure development, diversification, and digitization of the insurance sector which holds a bright prospect for the players in the region.
Since the pandemic, a heightened awareness of insurance in the ever-increasing population has also created a spike in demand for both life and non-life insurance. Consequently, the GCC insurance industry is predicted to grow at a rate of 3.2% from USD 26.5 billion in 2021 to 31.1 billion in 2026, as per a recent report.
Omani Insurance Market Overview:
The Omani insurance industry has seen significant growth due to a strong economy, with premiums increasing by 11.9% in H1 2023 compared to last year. According to the CMA, the Gross Written Premium increased by 12.2% to OMR 545.5 million in 2022, with the highest revenue from health insurance products. The total assets of insurance companies in Oman are valued at 1.197 billion.
The Oman insurance companies are mainly categorized into three types: general insurance, life insurance, and health and family insurance. Currently, there are 21 insurance companies and one reinsurer in Oman. Among these, Liva Insurance is one company that stands out due to its consistent overall performance in the past 12 months. The company has stood the test of time in the post-pandemic period, successfully clearing most hurdles thrown at it in that duration.
An oasis in the desert
Liva Insurance is a leading multi-line insurance company providing Travel, Life, Health, Motor, Home, and various business insurance in the GCC region. Having been in the region for over 80 years, it has served over 1.5 million customers to date. The company has recorded and sustained profits for the past 11 years.
With an expertise spanning three decades, Liva Insurance has gained recognition as Oman’s most trusted insurer brand. Innovative projects have been implemented by the company to enhance the customer experience; such as an AI-guided chatbot that uses automated responses to collect documents, and guides customers in policy purchases and claims registrations. The company has also enhanced the services available on its website that allow customers to transfer their policy online and a ‘One Step Policy Renewal’ portal.
Liva Insurance went public in 2017. The company’s share price reached a new high in November 2022 after the Muscat-based NLGIC (National Life and General Insurance Company) announcement of purchasing 47.5% minority shares in Liva. Recognizing Liva’s financial performance, a wide range of insurance products, and its commitment to providing its customers with a seamless and hassle-free experience, International Business Magazine has honoured it with the Leading Insurance Provider Oman 2023.
Article by Amith Raj
