Oman insurance market remains strong despite losses in 2007

[shahul]

DUBAI - Despite heavy losses from Cyclone Gonu in 2007, insurance sector in Oman has much to commend, said a Press release from Standard & Poor's Ratings Services on Tuesday.

"Oman has developed a thriving domestic retail and commercial insurance sector. A buoyant economy and supportive regulatory regime are particular factors in this growth," says Standard & Poor's credit analyst David Anthony.

The report, titled "Growing Opportunities For Insurance And Reinsurance In The Sultanate of Oman," also looks at the details of the changing regulatory environment and how these will affect the market.

"The Capital Markets Authority as Oman's regulator is one of the most respected in the region. We expect the CMA to continue its pragmatic approach to market regulation, moving increasingly to a risk-based capital assessment of insurers' solvency, while avoiding unnecessarily restrictive regulations, thereby allowing the market to continue its positive development," said Anthony.