Oman – 30% foreign investments of insurers allowed
Monday, 08 31 2020, Category: Insurance and Reinsurance, Country: Oman
Oman’s Capital Market Authority (CMA) has approved new a regulation for insurance companies. Which will allow these companies to invest up to 30% of their investment portfolio abroad, Ahmed bin Ali Al-Maamari, Vice President for the Insurance Sector at CMA, told WAF News.
The new regulation, approved by CMA’s board of directors and in the process to get a nod from other concerned authorities, seeks to achieve a balance in directing the companies’ funds to invest at least 70% of the sector’s portfolio in Oman, Al-Maamari said. A step which will enable insurance companies “to explore the investment opportunities available outside the Sultanate by no more than 30%.”
According to the Insurance Sector Indicators Report 2018-2019 issued by CMA, the insurance sector investments exceeded 754 million Omani Rials ($1.96) in 2019, an increase of 22% compared to 2018 when it stood at 618 million Omani Rials ($1.6 billion). The average growth of sector investments has reached 6% over the past five years.
The same report states that the return on insurance companies’ investments increased by 29% between 2018 and 2019, to reach RO23.9 million, compared to RO18.5 million in 2018.