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Monday, November 23 - 2009

S&P: Oman insurance market remains strong after 2007 losses

In its latest report on the insurance market in the Sultanate of Oman, Standard & Poor's Ratings Services says that despite the heavy losses from Cyclone Gonu in 2007, the sector has much to commend it.

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"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 Mr. Anthony.
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Notes and media contacts

The report is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823. Ratings information can also be found on Standard & Poor's public Web site, select Ratings in the left navigation bar, then Credit Ratings Search. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4017.

About Standard & Poor's:

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

Press Office Contacts:
London Media Hotline: +44 20 7176 3605
Paris: +33 1 44 20 6740
Frankfurt: +49 69 33999 225
Milan: +39 02 72 111 245
Moscow: +7 495 783 4003
Stockholm: +46 8 440 5914

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