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The Sultanate of Oman has introduced mandatory natural catastrophe coverage within motor third-party liability policies.
This landmark initiative, the first of its kind in the Gulf Cooperation Council (GCC), reflects growing awareness of the increasing exposure of individuals and businesses to climate-related risks, particularly floods and cyclones.
Under the supervision of the Oman Insurance Association (OIA), a dedicated steering committee has been established to coordinate and oversee the implementation of the program. The committee comprises senior executives from seven insurance companies and is chaired by Oman Re.
Working in collaboration with international experts, Oman Re has led the technical, actuarial, and risk assessment components of the initiative. Its role has included coordinating pricing frameworks, conducting catastrophe modeling exercises, and strengthening engagement with brokers and risk management advisors.
In partnership with the Financial Services Authority (FSA), Oman Re has also organized technical and awareness workshops to support insurers in understanding product design and implementation requirements.
Oman Re will continue to collaborate closely with regulators, insurers, and industry stakeholders to ensure the effective implementation, ongoing monitoring, and long-term sustainability of the program.
