Oman: Insurers to maintain minimum EV insurance share in motor portfolios
Source: Middle East Insurance Review | Jul 2026
The Financial Services Authority (FSA) has issued a circular to all insurance companies licensed to provide motor insurance, mandating the maintenance of a minimum level of underwriting for electric vehicles (EVs) in proportion to the size of their respective motor insurance portfolios.
The circular stipulates that the minimum share of EV insurance underwriting must not be less than 0.2% of the total motor insurance portfolio and sets 31 December 2026 as the deadline for compliance. The requirement is in line with the FSA’s commitment to ensuring the availability of insurance coverage for EV owners.
To enable continuous monitoring and identify any challenges that insurance companies may face in achieving the minimum EV insurance threshold, the circular requires insurers to submit monthly reports detailing their underwriting performance. It also mandates the introduction of a dedicated code or classification for EVs within the companies’ electronic systems and databases. This will facilitate the tracking of insurance policies and claims related to EVs and support the generation of accurate data and statistics, including underwriting figures, premiums, claims, compensation payments, and loss ratios. M