(MENAFN- Muscat Daily) Preliminary data for the insurance sector indicate that claims paid by companies rose during the first quarter of this year by 36 per cent to reach about RO39mn compared with the same period last year.
Most insurance segments posted a jump in premiums during the period with health registering a 28 per cent gain. Health insurance accounted for 22 per cent of total direct premiums up four per cent from a year earlier. Liability insurance rose by 18 per cent collective life insurance by 16 per cent transportation by seven per cent and third-party vehicle insurance by three per cent. Other segments most notably property saw a decrease.
Retention rates in property engineering and transport were the lowest compared with other insurance segments reaching nine per cent 23 per cent and 21 per cent respectively as a result of reinsuring the bulk of these risks with reinsurers.
Vehicle health and life insurance contributed the largest share in retention at 84 per cent 59 per cent and 41 per cent respectively while retention rates in property transport and engineering came in at 9.8 per cent 14.4 per cent and 17 per cent.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.