Oman: Online insurance transactions jump 59% in 2019
Source: Middle East Insurance Review | May 2020
Oman’s insurance industry has seen a steep rise in online purchases of insurance policies with more and more consumers using digital platforms for their insurance requirements.
The number of insurance policies sold through electronic transactions jumped by 59% in 2019, reported Emirates News Agency quoting the Capital Market Authority (CMA).
In a tweet posted through its official Twitter handle, the CMA said a majority of insurers operating in Oman (around 13 out of 20 companies) have started offering policies through electronic channels. The authority has been very active in encouraging insurers to promote online transactions instead of paper-based ones.
The number of online insurance transactions is expected to increase further as a consequence of the COVID-19 pandemic. The CMA has issued a circular to all insurers to suspend manual services, including shuttering counters and providing insurance services electronically.
In the wake of COVID-19, the CMA announced a number of precautionary measures for the insurance sector to adhere to in order to curb the spread of the virus. The measures are in line with instructions of the Supreme Committee tasked to deal with COVID-19 developments. M