please with references.
Assignment Scenario Oman insurance sector contributed 1.63 per cent of the Sultanate's gross domestic product (GDP) in 2017, according to the Insurance Market Review 2017 issued by CMA. Highlighting the key events of the sector during FY 2017, the 14th edition of the Insurance Market Review covers indicators such as premiums, indemnitics, number of policies, retention ratios, losses and financial indices of insurces, and their operational performances during the year. Gross written premiums have increased by 0,3 per cent to reach RO451.57mn at the end of 2017. compared to RO450.24mn at the end of the previous year. The number of policies issued by insurers was 1.72 million policies, a 4 per cent increase compared to 2016 Total paid indemnities have increased by 14 per cent in 2017 10 RO304.98mn. Additionally, Takaful insurance premiums increased by 9 per cent to RO45.76mm. Takaful comprises 10 per cent of the gross direct premiums in 2017 and 19 per cent of total paid indemnities. Insurance brokers collected 27 per cent of gross premiums, according to the report. Average growth of insurance premiums in the last five years was 5.8 per cent, with motor insurance comprising 34 per cent of gross premiums, while health insurance reached 30 per cent of gross written premiums. On the financial position of insurance companies (general and life) the indices indicate the total capital of insurance companies was OMR 248.46 million in 2017, a 16 per cent increase compared 10 2016. The total assets of insurance companies increased in 2017 by 22 per cent to RO1.048bn. The investments of insurance companics were ROS81.32mn, including the investments of national and foreign insurers. Also, the retention ratio of insurers increased to 37,46 per cent, The report also highlighted the Takaful business, covering areas such as gross written premium of Takaful companies, total paid indemnities and the number of issued policies. The statistical data points out that the retention ratio of Takaful companies was 54.45 per cent in 2017, as its loss ratio Banking and Company Asing. SEMASSIGNMENTARIEF FALL 220-21 Page 4 increased to 392.82 per cent at the end of 2017. Total investments of Takaful companies have increased by 1.89 per cent in 2017 to RO35.50mn. roman's insurance sector contributes 1,63 per cent of GDP Businessiveme.com - Business News Middie East BLME, 2020) TASK 1: The Insurance business work on 7 basic principles. The principles describe the relationship between the Insurer and the Insured in detail. Describe the given Principles of Insurance in detail with appropriate example for each : (5 x 2)10 marks + 4 marks presentation i) ii) Principle of Utmost Good Faith Principle of Insurable Interest
