Insurance

The countrywide introduction of mandatory health coverage for private sector workers and their families will offer a considerable boost to Oman’s insurance sector. However, considerable challenges remain, such as the slowing growth of insurance premium. The market also remains crowded, and in some cases the pursuit of premium has cut into underwriting standards and become a hindrance to the long-term sustainability of the market. The Capital Market Authority is introducing new training and regulatory conditions that should make for an even more competitive market and provide a higher level of service. Companies are therefore likely to develop their digital offering as a means of securing a competitive advantage. One bright spot is the takaful (Islamic insurance) segment, which continues to grow at a faster rate than its conventional counterpart.