GIG Gulf gains Cat A health insurance licence from FSA in Oman
This move allows the company to offer and manage health insurance products under the Sultanate's 'Health Insurance Participation' framework.
The FSA's new licencing framework is designed to enhance regulatory oversight and increase premium retention within Oman.
It introduces a co-insurance model, which permits licenced B insurers to share in the health insurance business with licenced A insurers.
GIG Gulf Oman general manager Mehdi Al Harthy 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.
'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."
Having operated in the GCC region for over 70 years, GIG Gulf, a subsidiary of Fairfax Financial Holdings, has a focus on growth and investments.
The company provides insurance products and services to SMEs, corporates and individual customers in the UAE, Oman, Bahrain and Qatar.
With a workforce exceeding 800 employees across 12 branches and retail shops across the region, and serving over one million customers, GIG Gulf aims to become the region's digital insurer.
"GIG Gulf gains Cat A health insurance licence from FSA in Oman " was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
a day ago
- USA Today
Crushed by child care costs? Trump tax law offers parents some relief
Parents with crushing child care expenses will get a little more help in 2026, from Trump's new mega tax and spending law. The new tax law permanently increases the annual pre-tax contribution limit for dependent care flexible spending accounts, or DCFSAs, to $7,500 for married, joint filers. That's up from $5,000 and is the first change since 1986, apart from a temporary pandemic-era boost in 2021. It also expanded another tax provision, the child dependent care tax credit (CDCT), making up to 50% of a maximum of $3,000 of qualifying expenses reimbursable for one child and a $6,000 maximum for two or more. That means the maximum tax credit for one child increases to $1,500 from $1,050. Both changes can be good news for parents, but they should do the math to see which is more lucrative, accountants said. If your employer offers a DCFSA, the 'pre-tax dependent care FSA usually beats the dependent care credit' because of the higher contribution limit starting next year, said Richard Pon, a certified public accountant in San Francisco. Why a dependent care FSA may beat a credit Usually, a tax credit is more valuable than a tax deduction, which is what a pre-tax contribution to a dependent care FSA would be. A tax credit is a dollar-for-dollar reduction of your tax bill, and a deduction lowers your taxable income. For example, a $1,000 tax credit cuts your tax bill by $1,000. A $1,000 tax deduction for someone in the 22% tax bracket would result in $220 in tax savings ($1,000 x 0.22 = $220). But the maximum dependent care credit, in this case, phases out quickly and only applies to federal taxes. More: Trump's sweeping law increases child care tax credits. Here's how much and who benefits. 'In contrast, your payroll tax deduction reduces federal income tax, Social Security tax, Medicare tax and state tax,' Pon said. 'And there is no payroll phase-out…Your savings depends on your tax rate but with federal, state and 7.65% FICA (or Federal Insurance Contributions Act to fund Social Security and Medicare) taxes, your tax savings really adds up.' Additionally, a payroll deduction can reduce taxes paid in each pay period, which gives you more money throughout the year, said Sara Taylor, senior director of employee spending accounts at consulting firm WTW. 'On the tax credit side, it's a credit so there's no reduction in taxes you pay,' she said. 'It's just lowering what you owe when pay taxes. The benefit is delayed, and it does not increase your refund at all.' CDCT is a non-refundable tax credit, meaning it can reduce tax liability down to zero, but no refund is given if the credit exceeds tax liability. How do tax savings compare with DCFSA vs dependent care credit? Here's how the two tax changes compare for a family with two working parents, two children, $7,000 in qualified dependent care expenses during 2026, with adjusted gross income (AGI, or gross income minus certain deductions) of $60,000 and a marginal federal income tax rate of 22%: DCFSA CDCTC Can Americans use both provisions? Americans can use both the CDCTC and DCFSA, but it could be tough due to restrictions on each. The ability to leverage these options depends heavily on individual circumstances, such as income level, filing status, state and local tax implications, and the amount of qualified dependent care expenses. Beware, there are specific items that are considered qualified expenses, and the same expenses can't be used for both options. Potential pitfalls of DCFSA Tax savings are attractive with the DCFSA, but experts also issued a few warnings. What employers can do is raise the limit for less highly compensated employees and scale it back for those who earn more, Taylor said. All of this may take time, so many employers may not have this implemented for 2026, she said. To offer this benefit, employers must amend their plans by December 31, 2025. But 'this is so good for employees that I think most employers will adopt the higher benefit,' Taylor said. "But if your employer offers this benefit, I really encourage people look at that," she said. "This is an incredibly overlooked benefit.' If not, the DCTC is available to everyone, she said. Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
Yahoo
a day ago
- Yahoo
UK Food Safety Testing Market Size to Reach US$2.8 Billion by 2033
Shaped by strict Food Standards Agency (FSA) regulations and post-Brexit import complexities, the UK market emphasizes robust allergen management and supply chain traceability. High consumer awareness and advanced rapid testing methods are integral to maintaining confidence. Chicago, Aug. 20, 2025 (GLOBE NEWSWIRE) -- The UK food safety testing market was valued at US$ 1,306.23 million in 2024 and is expected to reach US$ 2,801.82 million by 2033, growing at a CAGR of 9.23% during the forecast period 2025–2033. A dramatic surge in foodborne pathogens is a primary catalyst for growth. The frequency and scale of recent outbreaks are alarming. Official data show 70,352 laboratory-confirmed cases of Campylobacter in England during 2024, marking a decade-long high. Similarly, Salmonella infections in England peaked at 10,388 reported cases in 2024. Specific outbreaks highlight the severity of the situation. A 2024 Salmonella Blockley event resulted in 54 cases across the UK. These cases were distributed with 36 in England, 11 in Scotland, and 7 in Wales. The outbreak led to the hospitalization of ten individuals. Download Sample Pages: Even more concerning was a major Shiga toxin-producing E. coli (STEC) O145 outbreak in summer 2024, which caused over 250 illnesses in the UK food safety testing market. By late June 2024, confirmed cases reached 275. The geographical breakdown shows 182 cases in England, 58 in Scotland, and 31 in Wales. The outbreak's severity is underscored by the 122 people hospitalized. Furthermore, seven confirmed cases of haemolytic uraemic syndrome (HUS) were directly linked to the STEC O145 event. The Food Standards Agency (FSA) is actively investigating an increased number of incidents. Investigations into Listeria-related outbreaks grew to 17 in the 2024/25 period. STEC-related outbreak investigations rose to 13, and Salmonella outbreak investigations increased to 11 in the same timeframe. Adding to the domestic pressure, 2,703 cases of travel-associated gastrointestinal infections were recorded in England in 2024, with 183 of these being travel-related STEC infections. Key Findings in UK Food Safety Testing Market Market Forecast (2033) US$ 2,801.82 million CAGR 9.23% By Test Method Microbiological Test (36.64%) By Product Type Processed Food (25.56%) By Containment Type Biological Contaminants (36.85%) By Technology Traditional Testing (54.63%) By Service Sourcing Inhouse (57.75%) By Application Pathogen Detection (44.03%) By End User Food & Beverage (66.6%) Top Drivers Stringent post-Brexit import controls require comprehensive testing regimes. High consumer demand for transparency and clean-label products. Growth of plant-based and free-from food categories necessitates testing. Top Trends Adoption of whole-genome sequencing for precise outbreak source tracking. Focus on developing rapid tests for emerging environmental contaminants. Increased use of data analytics for predictive risk modeling. Top Challenges Navigating regulatory divergence between the UK and the EU. Persistent labor shortages impacting food industry and laboratory staffing. Combatting sophisticated food fraud and economically motivated adulteration. Chemical Contaminant Risks Mandate Broader and More Sophisticated Testing Protocols The threat is not limited to pathogens; chemical contaminants demand equal attention in the UK food safety testing market. Growing concerns over pesticides, industrial chemicals, and mycotoxins are expanding the required scope of testing services. In 2024, the FSA issued 14 food alerts for metal contamination alone, with 4 of these occurring by April. Analysis of imported food revealed residues of 48 pesticides not approved for use in the UK. A deeper look found residues from 46 cancer-linked pesticides in imported produce. In comparison, 19 cancer-linked pesticides were detected in food originating from the UK in 2024. The issue of "forever chemicals" has become prominent. A 2024 analysis discovered 10 different PFAS pesticides in fruit and vegetables sold in the UK food safety testing market. The nation currently approves 25 PFAS pesticides for use, with 6 of them classified as 'highly hazardous'. Government testing confirmed the presence of PFAS chemicals in over 3,300 food and drink samples in 2024. These findings came from a program that tested approximately 3,000 samples of food and produce. Meanwhile, the UK's annual testing for heavy metals covers a mere 400 to 450 samples of meat, milk, fish, and honey. A potential source of contamination is the UK's over 8,500 abandoned mines, which can leach toxic metals into the food chain. Specific food surveys also raise red flags. In a 2024 retail food survey, 13 out of 30 soy samples tested contained elevated levels of the mycotoxin ochratoxin A. A separate test of 90 samples for physical contaminants found one sample to be non-compliant. Escalating Product Recalls and Allergy Alerts Underscore Critical Testing Needs The sheer volume of product recalls provides a stark indicator of systemic weaknesses. These events in the UK food safety testing market are not only more frequent but also larger in scale, fuelling investment in preventive testing. In 2024, just three large-scale recall alerts implicated a staggering 424 different products. The average number of products recalled per event in 2024 was 2.5 times higher than in 2023. In the 2023/24 period, the FSA and Food Standards Scotland (FSS) issued a combined total of 136 food alerts. Within that total, 66 were specific Allergy Alerts. The focus on allergens intensified significantly, with 101 Allergy Alerts issued by the FSA and FSS in 2024. Beyond allergens, there were 67 product recalls in 2024 due to issues like foreign bodies and microbial contamination. The problem is widespread. In the first quarter of 2025, a total of 1,242 food and beverage recalls were recorded across the EU and UK. Non-bacterial contamination was responsible for 550 of these recalls. Aflatoxins were the culprit in 135 recall events. Bacterial contamination led to 237 recalls, with Salmonella being the cause of 174 of those incidents. Undeclared allergens prompted 94 recalls in Q1 2025, with milk being the most frequent issue, causing 19 separate recalls. Such figures make a compelling case for the expanding UK food safety testing market. Strict Regulatory Enforcement and Incident Management Spur Compliance-Driven Testing Demand Regulatory bodies are intensifying their oversight, making robust testing a non-negotiable aspect of compliance. The FSA's incidents response unit managed 1,837 food and feed incidents in the 2023/24 financial year. In the subsequent 2024/25 period, the FSA received notifications for 1,825 incidents across England, Wales, and Northern Ireland. Beyond direct notifications, the agency monitored 12,504 food safety signals in 2024/25. These signals prompted 810 intelligence assessments, which in turn launched 36 new investigations. Ultimately, these monitored signals resulted in 18 new incidents that required product withdrawal from the market. Local authorities are also increasing formal enforcement actions, which rose to 5,898 for food hygiene in 2023/24. Actions related to food standards in the food safety testing market grew to 658 in the same period. The financial consequences of non-compliance are severe. In a high-profile 2024 case, retailer ASDA was fined £640,000 for selling over 100 out-of-date food items. Asda was also ordered to pay an additional £15,115 in prosecution costs. The case was not an isolated one; it followed two other 2024 instances where Asda was fined £250,000 and £410,000 for similar food safety breaches. These penalties send a clear message to the industry. Specialized Food Crime and Fraud Investigations Are Now Major Market Drivers A growing area of focus is the criminal threat to the food supply chain. Specialized units are actively tackling food fraud, creating a niche for advanced authenticity and integrity testing. The UK's food crime units were running 29 live investigations during 2024. A significant portion of these, 20 investigations, involved meat and meat products. The scale of these operations is considerable. In a single food crime case in November 2024, officers seized 48 illegal sheep carcasses. As part of that National Food Crime Unit (NFCU) investigation into illegal meat, five men were arrested in London. The NFCU is also securing financial penalties against perpetrators. In a 2025 case, the unit obtained a confiscation order of over £30,000 from an individual selling illegal 'smokie' meat products. The action marked the third high-profile 'smokie' meat fraud case pursued by the NFCU within a single year. These enforcement successes highlight the critical need for sophisticated testing solutions that can verify the origin, composition, and legality of food products, a key growth area for the UK food safety testing market. Strained Local Authority Resources Create Significant Gaps in Public Food Safety While regulatory demands are increasing, the capacity of public enforcement bodies is strained. Under-resourced local authorities in the UK food safety testing market are struggling to maintain oversight, shifting a greater burden of responsibility onto businesses and their internal testing programs. As of 2024, there is a backlog of 95,000 overdue food business inspections across England, Wales, and Northern Ireland. Worryingly, this backlog includes 871 businesses classified as high-risk. In Scotland, 12,533 registered food businesses remained unrated as of December 2024. The number of unrated establishments awaiting a first inspection in England, Wales, and Northern Ireland had grown to around 41,000 by April 2024. This resource strain is directly impacting surveillance. The total number of food samples taken by local authorities across the UK dropped to 37,911 in the 2023/24 period. This figure is down from 40,144 samples in the prior period, showing a continuing decline in public testing capacity. Concurrently, consumer complaints are rising. There was an increase of 1,540 consumer complaints related to food hygiene in 2023/24, reaching a total of 60,919. Complaints regarding food standards and authenticity also rose by 200, to a total of 11,188 in the same period. Competitive Landscape Heats Up as Key Players Expand to Meet Demands Leading providers in the UK food safety testing market are responding to these challenges with strategic expansions and innovations. Key players are enhancing their capabilities to capture growing demand, particularly in identified hotspot sectors. In July 2025, Eurofins Food Testing UK demonstrated a clear growth strategy by finalizing its acquisition of the Bio Search food testing laboratory in Belfast. The move significantly expands its capabilities and footprint in Northern Ireland. In 2024, Eurofins also launched a new method for enumerating acetic acid bacteria, a service specifically targeting the needs of the UK beverage industry. These expansions are timely, as certain food categories are under intense scrutiny. A 2024 FSA survey found that 16 out of 40 samples of frozen raw chicken, a total of 40%, were non-compliant due to issues like undeclared water. The same survey revealed that 10 out of 24 frozen beef burger samples, or 42%, were non-compliant. Among the non-compliant burger samples, eight were found to have less meat content than what was declared on the label. These sector-specific failings create clear opportunities for specialized testing services. Advanced Whole Genome Sequencing Technology Revolutionizes Outbreak Response and Investigation The evolution of the UK food safety testing market is intrinsically linked to technological advancement. While widespread adoption rates are proprietary, official reports confirm the critical role of next-generation methods. Advanced testing technologies, particularly whole genome sequencing (WGS), are no longer on the horizon; they are central to modern surveillance and response. The UK Health Security Agency (UKHSA) extensively used WGS to successfully identify and manage the 2024 outbreaks of Salmonella Blockley and E. coli O145. The application of WGS in these high-profile incidents demonstrates the technology's power. It allows for a level of precision in linking cases and identifying the source of an outbreak that was previously impossible. This capability is transforming public health investigations. The clear success and growing reliance on WGS signal a market-wide shift. The move is away from traditional culturing methods and toward more rapid, accurate, and data-rich technologies. This technological pivot is a fundamental driver of investment and innovation across the entire food safety sector. Need a Customized Version? Request It Now: Post-Brexit Regulations and Future Trends Shaping the UK Food Safety Market The future of the UK food safety testing market will be shaped by an evolving regulatory framework and the continuation of current trends. Post-Brexit adjustments are creating new compliance hurdles and, consequently, new testing requirements. As of January 1, 2024, a significant new rule took effect. All pre-packaged food sold in Great Britain must now include a UK address for the Food Business Operator. The change introduces new labeling verification needs for the entire industry. Looking ahead, the market's growth trajectory appears strong and certain. The convergence of the key drivers—relentless pathogen pressure, expanding chemical threats, massive product recalls, tough enforcement, and public sector gaps—creates a compelling case for sustained investment. Businesses have no alternative but to integrate more frequent, more sophisticated, and more comprehensive testing into their operations. The demand is not just for testing, but for a true partnership in risk mitigation, making the UK food safety testing market a critical component of national food security and public health for years to come. UK Food Safety Testing Market Major Players: ALS Laboratories (UK) Limited Bureau Veritas UK Limited Campden BRI Group Eurofins Food Testing UK Limited Fera Science Limited Food Forensics Limited Intertek Group Plc. Northern Hygiene Laboratories Limited SGS United Kingdom Limited TÜV SÜD UK Limited Other Prominent Players Key Market Segmentation: By Test Method Microbiological Test Total Plate Count (TPC) Coliform Testing Listeria Testing Salmonella Testing Campylobacter Testing Sensory Test Manual Smell Taste Appearance Others Instrumental Smell Taste Appearance Others Physical Test Chemical Test Allergen Test Others By Product Type Processed Food Fruits &Vegetables Beverages Grains & Cereal Confectionery Meat & Meat Products Milk & Milk Products Others By Technology Traditional Testing Rapid Testing By Service Sourcing Inhouse Outsource By End User Food & Beverage Academic and Research Institutions Testing Laboratories Need a Detailed Walkthrough of the Report? Request a Live Session: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. Contact Us:Astute AnalyticaPhone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)For Sales Enquiries: sales@ Follow us on: LinkedIn | Twitter | YouTube CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@ Website:
Yahoo
3 days ago
- Yahoo
Japan's Financial Regulator to Approve First Yen-Denominated Stablecoin: Report
Japan's Financial Services Agency (FSA) will approve the first yen-denominated stablecoin as early as this fall, according to a Nihon Keizai Shimbun report on Sunday. Fintech company JPYC will register as a money transfer business with the FSA, paving the way for the approval of the first yen stablecoin. JPYC's stablecoin is built to maintain a 1:1 peg with the currency and is backed by liquid assets such as bank deposits and government bonds. Stablecoins are digital assets that track the value of a traditional financial asset such as a fiat currency. The largest stablecoins such as Tether's USDT and Circle's USDC are pegged to the dollar, but there are a growing number of tokens that track other currencies such as the euro. Stablecoins have been at the forefront of regulatory advancements of digital assets this year, with major jurisdictions such as the U.S. and Hong Kong introducing regimes for their licensing and oversight. Neither the FSA nor JPYC responded to CoinDesk's request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
