Oman- Establishment of a common model of motor insurance
Saturday, 03 05 2016, Category: Insurance and Reinsurance, Country: Oman
The new reforms regarding motor insurance policies in Oman have been approved by the Capital Market Authority.
These new amendments include, among others, the unification of motor policies throughout the Sultanate. The implementation of a common model for all insurers aims mainly at creating a certain transparency between policyholders and insurers in order to avoid disputes. The standardization of policies should also improve the guarantees of these covers.
Noting that in 2014, motor insurance accounted for 50% of the underwritings with a premium volume of 200.2 million OMR (520 million USD).
Source: Atlas Magazine