The local insurance market remains limited

The Sultanate's insurance sector turnover in 2006 neared 140 million OMR (363.6 million USD). According to David Anthony, credit analyst of the rating agency Standard & Poor's, about half the premium has been ceded to foreign reinsurers due to the weak retention capacity of local companies.

Despite the local market's good performance and attractiveness, it remains quite modest when measured by international standards.