Latest news with #HealthInsuranceParticipation
Yahoo
26-05-2025
- Business
- Yahoo
GIG Gulf gains Cat A health insurance licence from FSA in Oman
Insurance company GIG Gulf has secured a Category "A" licence from the Financial Services Authority (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.
Yahoo
26-05-2025
- Business
- Yahoo
GIG GULF SECURES CATEGORY "A" HEALTH INSURANCE LICENSE UNDER NEW REGULATORY FRAMEWORK IN OMAN
MUSCAT, Oman, May 26, 2025 /PRNewswire/ -- 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." This achievement underscores GIG Gulf's commitment to innovation, regulatory excellence, and delivering high-quality healthcare protection to Oman's residents. It also positions the company as a market leader as the FSA rolls out the framework for regulating health insurance in the country. ABOUT GIG GULF GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Qatar, Oman, Iraq, Lebanon, Saudi Arabia, and United Arab Emirates. Its reported consolidated assets stand at US$3.8 billion as of 31 December 2023. GIG Gulf is an 'A' rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the GCC region for over 70 years with a strategic focus on both growth and investments and is a 1-stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs, and individual customers throughout UAE, Oman, Bahrain and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. GIG Gulf is a subsidiary of Fairfax Financial Holdings Limited, a holding company headquartered in Toronto, Canada, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. With a workforce of over 800 employees across 12 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments. Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning, The Health Insurer of the Year award by MENA II 2022, 2023 and 2025 Award, The Middle East Leadership Awards and received the ISO 2700 Certificate. For more information, visit and follow us on: Photo - View original content to download multimedia: SOURCE GIG Gulf 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
