Oman - Compulsory health will boost market
Thursday, 11 02 2017, Category: Insurance and Reinsurance, Country: Oman
The implementation of a compulsory healthcare insurance system in Oman will boost the growth in the country’s insurance market, S&P Global Ratings said in a new report.
In September 2017, the sultanate’s Ministry of Health gave its approval to implement a compulsory healthcare insurance, with effect from January 2018.
The plan will be rolled out in a number of phases, starting with expatriates working in large companies, S&P said in a report titled ‘Compulsory health insurance in Oman will boost the sector but could exacerbate declining profits’.
The ratings agency said health insurance currently contributes approximately 26 per cent of total premiums in the Omani market. ‘Once it becomes compulsory, we believe health premium alone could see a growth rate in ex