JEDDAH: Investments by Oman’s insurance sector rose 10.3 percent year on year to 876.3 million Omani rials ($2.28 billion) at the end of the first quarter, driven by higher allocations to domestic assets, official data showed.
Domestic insurance companies accounted for approximately 588.8 million rials of the sector’s total investments, while foreign insurers held around 287.5 million rials, the Oman News Agency reported, citing unaudited data from the Financial Services Authority.
The increase reflects the insurance sector’s growing role in supporting Oman’s economy by investing its assets across diverse instruments, boosting capital markets and economic growth while maintaining prudent investment practices.
“The regulation also requires insurers to invest at least 70 percent of their total investments within Oman, while setting investment limits across various asset classes, including bank deposits, equities, bonds, and real estate,” ONA reported.
The data showed that domestic insurers invested around 80 percent of their portfolios within Oman, while foreign insurers allocated approximately 85 percent locally, reflecting growing institutional confidence in the country’s investment environment.
