Omani disaster Insurance Fund

The Omani regulator is planning to establish an insurance fund against natural and health disasters.

Highly exposed to natural disasters, the Sultanate has recurrently recorded significant flood and cyclone losses. During the first half of 2020, Oman has witnessed two major events. The first was a tropical storm in the Dhofar Governorate; a natural disaster that took place at the end of May. The second is the ongoing COVID-19 pandemic.

According to the supervisory authority, the insurance products available on the market do not cover the entire losses related to such hazards. The newly established fund shall provide adequate coverage for epidemic risks and natural disasters.

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