Mergers and withdrawals from the Omani insurance market have reduced the number of insurers currently in it to 17 from 23 in 2011, according to a report released last month by the International Association of Insurance Supervisors (IAIS).
In the report, titled “Detailed Assessment of Observance IAIS Insurance Core Principles (ICPs)—Sultanate of Oman”, the IAIS also stated that Oman’s Financial Services Authority (FSA) has said that it is no longer licensing new branches of foreign insurers, although renewals of existing licences will still be processed.
The regulator said this during discussions with a team of assessors who conducted a review on behalf of the IAIS concerning Oman’s observance of IAIS Insurance Core Principles (ICPs). The assessment work was carried out between April 2024 and June 2025.
Although the FSA has received expressions of interest and enquiries from potential new entrants, no new applications for insurer licences have been made to the FSA since 2010.
While new licences have not recently been granted, licence renewals are required every five years, and the FSA requires full applications from insurers and carries out reviews of these applications, taking into account its risk assessment of the insurer and experience of its supervision.
Among the 17 insurers are nine domestic insurers incorporated in Oman, including one specialist reinsurer. One domestic insurer is foreign-owned. Of the domestic insurers, two are takaful operators. There are also eight branches of foreign insurers in Oman.