Insurance
From The Report: Oman 2023
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Recent years have been challenging for insurers worldwide as they grappled with the impact of the Covid-19 pandemic, supply chain disruptions, turbulent oil and gas prices, and uncertainties concerning economic growth. Despite these challenges, Oman’s insurance sector has demonstrated robust growth. Looking ahead, recovery in the wider economy, regulatory improvements and signs of market consolidation herald further steps towards expansion. The prospects are further enhanced by significant efforts to improve digitalisation and training, with the government and regulator-backed Tamkeen programme turning out more professional insurance graduates. At the same time, the rollout of the Dhamani electronic platform, Oman’s compulsory national health insurance initiative for the private sector and visitors, reached a key milestone in 2022, with the registration and onboarding of delivery stakeholders.

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Overview

Robust action: Strong underwriting operations, a healthy investment income and digitalisation are driving growth for the sector
OBG
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Recent years have been challenging for insurers worldwide as they grappled with the impact of the Covid-19 pandemic, supply chain disruptions, turbulent oil and gas prices, and uncertainties concerning economic growth. Despite these challenges, Oman’s insurance sector has demonstrated robust growth. Looking ahead, recovery in the wider economy, regulatory improvements and signs of market consolidation herald further steps towards growth. The prospects are further enhanced by significant efforts…

Analysis

Change ahead: Emerging markets implement changes in line with updates to international accounting standards
OBG
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Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve comparability and increase transparency. This is expected to help those in the industry better understand…