New regulation to promote Omani insurance

The new regulation drawn up by the Capital Market Authority (CMA), requires insurers to introduce some of their capital into stock exchange. These insurers are also required to have a minimum capital of 10 million OMR (26 million USD).
According to the agency Moody's Investors Service, the new texts will reinforce market strength and facilitate insurers’ access to funding sources.

In 2013, the premiums written by the market amounted to 364 million OMR (948 million USD), 5% of which are from countries within the Gulf Cooperation Council. Also in 2013, the insurance density in Oman was 261 USD while penetration rate was confined to just 1.1%.

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