Insurance coverage firm GIG Gulf has secured a Class “A” licence from the Monetary Companies Authority (FSA) in Oman.
This transfer permits the corporate to supply and handle medical insurance merchandise underneath the Sultanate’s ‘Well being Insurance coverage Participation’ framework.
The FSA’s new licencing framework is designed to boost regulatory oversight and enhance premium retention inside Oman.
It introduces a co-insurance mannequin, which allows licenced B insurers to share within the medical insurance enterprise with licenced A insurers.
GIG Gulf Oman normal supervisor Mehdi Al Harthy stated: “We’re dedicated to leveraging our experience and know-how to ship tailor-made insurance coverage options that meet the distinctive wants of people and companies throughout Oman.
“Our focus is on constructing long-term partnerships and enhancing buyer expertise via transparency, accessibility, and belief.
“We’re investing in infrastructure, IT programs, and expertise to increase our shopper base and product choices, making certain that we meet evolving market calls for and constantly ship the best high quality service. We additionally thank the FSA for his or her management in fostering a resilient and inclusive medical insurance ecosystem in Oman.”
Having operated within the GCC area for over 70 years, GIG Gulf, a subsidiary of Fairfax Monetary Holdings, has a concentrate on development and investments.
The corporate offers insurance coverage services to SMEs, corporates and particular person prospects within the UAE, Oman, Bahrain and Qatar.
With a workforce exceeding 800 workers throughout 12 branches and retail retailers throughout the area, and serving over a million prospects, GIG Gulf goals to develop into the area’s digital insurer.
