CMA Announces the initiatives to Cover Medical Tests and Treatment Costs for Coronavirus under the medical insurance coverage.

The Capital Market Authority has announced the initiatives to cover medical tests and treatment costs for coronavirus (COVID-19) infected insured members (nationals and expatriates) under their medical insurance coverage.

The move comes from the strategic alignment and contribution to the national agenda to deal with this pandemic (COVID-19). The active engagement of public and private sector institutions has positively improved community support and help ease the burden on the state. The role played by the insurance companies through their efforts exerted to support the community through absorbing the risks and expanding their coverage for COVID-19 is paramount in ensuring a sustainable ecosystem as the economy opens up, navigates through the challenges and eventually return to the “new normal” following the aftermath of COVID-19 pandemic.

Circular No. ---/2020 issued by the CMA elaborates on these initiatives to expand the coverage, to include Medical Tests and Treatment Costs for Coronavirus for insured nationals and expatriates under their existing insurance coverage making the exceptions for COVID-19 pandemic from the typical list of exclusions from health insurance coverage as per global practices and norms.

The circular addressed to insurers, includes the directives related to coverage of the costs and treatment of insured members infected with coronavirus (COVID-19) up to their available annual benefit limits in their respective policies when they receive treatment for COVID-19 in any public or private hospital. The insurers will apply the unified standard price schedule and national guidelines set by the Ministry of Health (MoH).

All insured members currently receiving treatment for coronavirus (COVID-19) and those members who develop symptoms will be covered in public and private hospitals, and will be effective from the date of issuance of the circular.

These initiatives are launched in coordination between the CMA and the Supreme Committee tasked with dealing with the COVID-19 pandemic and the Omani Insurance Association. CMA will coordinate with the relevant entities to closely monitor the progress of these initiatives, and follow up the developments in context of the pandemic and review the results of the circular every three months.

Audited financial data of the insurance sector in Oman in the year 2019 shows that health insurance  tops the insurance portfolio with RO 170 million representing 34% followed by motor insurance. Total claims paid related to health insurance were RO 142 million.