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 basic supervisor Mehdi Al Harthy mentioned: “We’re dedicated to leveraging our experience and expertise 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 by way of transparency, accessibility, and belief.
“We’re investing in infrastructure, IT techniques, and expertise to develop our consumer base and product choices, guaranteeing that we meet evolving market calls for and persistently 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 give attention to progress 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 staff throughout 12 branches and retail outlets throughout the area, and serving over a million prospects, GIG Gulf goals to develop into the area’s digital insurer.
