Oman Reinsurance Company (Oman Re) has launched its retakaful window starting 1 January 2025, the reinsurer told Middle East Insurance Review (MEIR). The step represents a significant milestone in the reinsurers' journey to deliver specialised and shariah-compliant risk solutions.
For the year end 2024, insurance service results for the listed insurers in Oman experienced a 46% decrease, from OMR24.7m ($64.4m) to OMR13.4m ($34.9m), said Badri Management Consultancy.
The Financial Services Authority (FSA) of Oman has started to link the electronic Dhamani platform online to the sultanate's private health polyclinics and clinics. To begin with the FSA has added around 33 private hospitals in various governorates of Oman to the platform.
A proposal has been raised for the Omani government to set up a supervisory agency to oversee the health insurance sector.
Oman Re, the Sultanate of Oman's sole reinsurer, has reported a net profit after tax of OMR1.4m ($3.7m) for the first three quarters of this year, down from OMR1.9m for the first nine months of 2023.
The combined insurance service results of listed insurance companies in Oman plunged by 85% to OMR2.6m ($6.8m) for the first nine months of this year from OMR16.9m for the corresponding period in 2023, according to an analysis by Badri Management Consultancy.
Financial Services Authority (FSA) chairman Dr Saeed Mohammed Ahmed Al Saqri has approved a regulation on co-insurance in the health insurance branch pursuant to the Insurance Companies Law.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
The risks to the outlook for financial stability in Oman remain low in the short term, says the Central Bank of Oman (CBO) in its 2024 Financial Stability Report (FSR).
Oman Re, the Sultanate's first and only reinsurer, has announced a 17% increase in reinsurance revenue for the first half of 2024, reaching OMR 24.5m ($63.7m) compared to OMR21.0m for the corresponding period last year.