GIG Gulf has achieved a landmark milestone in Oman, becoming one of the first insurers to be awarded a Category 'A' licence by the Financial Services Authority (FSA), the company announced on its X account.
This licence grants GIG Gulf the authority to provide and manage health insurance under the sultanate's newly established 'Health Insurance Participation' framework, positioning the company at the forefront of a transformative shift in Oman's healthcare landscape.
The FSA introduced this new licensing framework to strengthen regulatory oversight, improve service quality and boost premium retention within the sultanate.
Co-insurance
The regulator has also established a co-insurance model, enabling insurers with a ‘B’ licence to take a share of health business from licensed ‘A’ insurers. This ensures sustainability, data protection, and a customer-centric approach for the Omani population. In November 2024, the FSA announced that it had approved a regulation on co-insurance in the health insurance branch. The objective is to increase insurance premium retention in Oman and reduce the need for reinsurance abroad. The regulation is based on recommendations from an actuarial study on health insurance pricing.
Potential
GIG Gulf Oman’s general manager Mehdi Al Harthy said, "With less than 20% of the population currently insured, the market opportunity is substantial. We are investing in infrastructure, IT systems, and talent to expand our client base and product offerings, ensuring that we meet evolving market demands and consistently deliver the highest quality service."
GIG Gulf is part of the Kuwait-headquartered Gulf Insurance Group (GIG), one of the largest regional composite insurers with companies in Kuwait, Jordan, Bahrain, Egypt, TΓΌrkiye, Algeria, Qatar, Oman, Iraq, Lebanon, Saudi Arabia and UAE.