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Oman Insurance Sector Expected to Grow by More than 10 Percent

The insurance sector's contribution to the gross domestic product is about 1.23 percent. Oman News Agency
The insurance sector's contribution to the gross domestic product is about 1.23 percent. Oman News Agency
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Oman Insurance Sector Expected to Grow by More than 10 Percent

The insurance sector's contribution to the gross domestic product is about 1.23 percent. Oman News Agency
The insurance sector's contribution to the gross domestic product is about 1.23 percent. Oman News Agency

The Sultanate of Oman's insurance sector is expected to witness a 10 percent growth in 2024, said Mustafa Ahmed Salman, member of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Chamber’s Finance and Insurance Committee.

The insurance sector is one of the fastest growing sectors in the Sultanate. Its contribution to the gross domestic product is about 1.23 percent, and the growth rate of insurance premiums in 2022 reached about 13 percent.

Salman pointed out that raising the capital of insurance companies will contribute significantly to their ability to bring in more investors and help their businesses to grow better.

In a statement to the Oman News Agency, Salman said: “The contribution of the insurance sector to the gross domestic product of the Sultanate of Oman currently amounts to 1.3 percent. This is a good percentage rate compared to other Arab countries.”

He further said that the volume of Arab insurance reached about $45 billion and constitutes one percent of the volume of global insurance industry.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.