Oman – Online insurance purchases jump by 59%
Wednesday, 04 08 2020, Category: Insurance and Reinsurance, Country: Oman
Oman’s insurance industry has witnessed a sharp rise in online purchase 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 per cent in 2019, according to the Capital Market Authority (CMA).
In a tweet posted through its official Twitter handle, the CMA said, ‘The percentage of increase in the number of electronic insurance policies reached 59 per cent during the year 2019.”
The CMA said that a majority of insurance companies operating in Oman (around 13 out of 20 companies) have started offering insurance policies through electronic channels. The CMA has been very active in encouraging insurance companies to promote electronic transactions instead of paper-based ones.
Recently, the CMA announced a number of precautionary measures for the insurance sector to curb the spread of coronavirus in line with the instructions of the Supreme Committee tasked to deal with COVID-19 developments.
The CMA issued a circular to all insurers to suspend manual transactions in insurance services including closure of counters and provide the service electronically to render the service remotely to the customers.
‘Following the directives issued by the authority to suspend manual transactions, we are expecting this percentage to rise further this year,’ said an insurance broker based in Muscat.
Source: Muscat Daily