MUSCAT: Ushering in a new era of growth and stability for Oman’s insurance industry, the Ministry of Finance, under the umbrella of Estidamah, has unveiled a comprehensive set of initiatives. This strategic package, announced at a press conference today, aims to unlock the sector's full potential as a driver of economic diversification and a provider of vital financial protection for citizens and residents.
Estidamah's vision lies a focus on empowering businesses and fostering a vibrant insurance landscape. One key initiative is the exploration of captive insurance, a model that allows companies and institutions to establish their own insurance entities. This empowers them to manage risk independently, potentially leading to greater flexibility and cost savings.
Elevating the standards of professionalism and service quality is another crucial pillar of the plan. Updating professional conduct guidelines and insurance service standards will ensure that citizens and residents receive the highest quality of service, boosting confidence in the sector.
Ensuring the financial stability of insurance and takaful companies is paramount. Revising regulations governing asset investments will safeguard investor rights and contribute to a more robust financial sector.
Providing comprehensive healthcare protection is a top priority. The introduction of mandatory health insurance for private sector employees and visitors will not only safeguard the well-being of citizens and residents but also reduce the financial burden on the government healthcare system.
Enhancing the role of the Oman Reinsurance Company will play a pivotal role in optimizing the reinsurance market. By offering competitive reinsurance services, the company can contribute to the overall efficiency and stability of the insurance sector.
These initiatives are meticulously designed to achieve ambitious yet attainable goals. Estidamah's roadmap targets a significant increase in the insurance sector's contribution to GDP, reaching 2% by 2030 and 3.3% by 2040. This translates to a more diversified and resilient economy, laying the foundation for long-term prosperity.
By fostering a dynamic and inclusive insurance landscape, Estidamah's initiatives pave the way for a future where Oman's insurance sector thrives as a cornerstone of national development.
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