GIG Gulf secures Category 'A' Health Insurance License under new regulatory framework in Oman
Muscat - GIG Gulf has achieved a landmark milestone in Oman, becoming one of the first insurers to be awarded a Category 'A' license by the Financial Services Authority (FSA). This license grants GIG Gulf the authority to provide and manage health insurance under the Sultanate's newly established 'Health Insurance Participation' framework, positioning the company at the forefront of a transformative shift in Oman's healthcare landscape.
As one of the first insurers to receive this license, GIG Gulf is now officially authorized to offer and manage health insurance products in Oman. The FSA introduced this new licensing framework to strengthen regulatory oversight, improve service quality, and boost premium retention within the Sultanate. It also establishes a co-insurance model, enabling licensed B insurers to take a share of health business from licensed A insurers. This ensures sustainability, data protection, and a customer-centric approach for the Omani population.
Mehdi Al Harthy, General Manager of GIG Gulf Oman, said, 'We are committed to leveraging our expertise and technology to deliver tailored insurance solutions that meet the unique needs of individuals and businesses across Oman. Our focus is on building long-term partnerships and enhancing customer experience through transparency, accessibility, and trust.'
He added, 'With less than 20% of the population currently insured, the market opportunity is substantial. We are investing in infrastructure, IT systems, and talent to expand our client base and product offerings, ensuring that we meet evolving market demands and consistently deliver the highest quality service. We also thank the FSA for their leadership in fostering a resilient and inclusive health insurance ecosystem in Oman."
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