The Oman Chamber of Commerce and Industry (OCCI) has collaborated with health insurers to support the introduction of a standard unified health insurance policy to cover COVID-19 testing and treatment in the country.
The proposed policy, which is currently the subject of deliberations among insurance companies, will be rolled out once it is reviewed and approved by the Capital Market Authority (CMA), according to media reports citing OCCI finance and insurance committee chairman Murtadha Ibrahim al Jamalani.
“We are currently exploring the initiative to launch a special product for COVID-19 insurance coverage in the sultanate. Discussions have already commenced with insurance companies on the scope and features of the policy. It will be offered to the market once it is certified and approved by the CMA, which is the regulator of the insurance sector in Oman,” said Mr Al Jamalani.
The proposed policy will be broadly modelled on the lines of COVID-19 insurance products introduced recently in different parts of the world. When approved for marketing in Oman, it will the first insurance product dedicated solely to COVID-19 coverage, he said.
On the importance of simplified language in policies, Mr Al Jamalani said, “For pandemic risks, it is imperative that policy wordings are standardised to reduce the potential for the type of disputes that have marred the reputation of the global insurance industry in its response to the coronavirus.”
In addition, a standard version of the policy will be offered to individuals and groups and will cover testing, treatment and hospitalisation (up to a certain limit) resulting from exposure to the coronavirus.
The proposed policy will be beneficial to Omanis and expatriates looking to travel overseas on business or holiday. “With many countries requiring visitors to include COVID-19 coverage in their travel insurance, this product will provide travellers the cover they need when going abroad. It is especially useful for business travellers,” said Mr Al Jamalani.