The Financial Services Authority participated in a specialized workshop titled “Leading Change - Rebalancing the Motor Insurance Sector in the Sultanate of Oman,” which was organized in coordination with the FSA by the Braxton Group in collaboration with the Oman Insurance Association on Monday, May 26, 2025. The workshop was attended by a number of executives of insurance companies and experts in the sector along with representatives of the FSA and international consultants from the group.

The workshop opened by Ahmed Salem Al Harrasi, Director General of the Markets Prudential and Development Sector at the FSA who gave a speech in which he stressed that the motor vehicle insurance sector still faces a set of technical and operational challenges, the most prominent of which are intense competition, high rates of losses, poor quality of repair services and shortage of spare parts. He emphasized that these challenges directly affect the quality of the service and satisfaction of beneficiaries and require effective solidarity and coordination among all relevant parties.

He pointed out to the importance of digital transformation as a basic pillar of the sector’s development, explaining that the FSA has taken important steps in this path including issuing a regulation for insurance services that obliges insurance companies to adopt digital solutions to enhance operational efficiency, speeding up claims procedures, raising the level of transparency and protect the rights of policyholders.

Al Harrasi revealed anticipated amendments to the unified vehicle insurance policy, which include the addition of a special annexure to cover damages resulting from natural calamities affecting third parties in response to rapid climate changes and the recurrence of disasters pointing out that these amendments will be issued in the near future.

The workshop witnessed a comprehensive analytical presentation by Mohammed Redha, Vice Chairman of the Board of Directors and Chief Operating Officer of the Braxton Group titled “ Motor Insurance Market in the Sultanate of Oman: Performance, Challenges and Strategic Prospects,” in which he addressed the main technical indicators in the market and analyzed the reality of current performance in addition to presenting a number of strategic recommendations to restore balance and achieve sustainable growth in the sector.

The workshop concluded with an expanded discussion session in which an elite group of insurance company leaders and representatives of regulators participated in addition to specialized experts in pricing and loss management. The session touched on a number of vital topics such as profitability challenges in motor insurance, pricing effectiveness, and the role of the regulatory framework and the requirements of the next stage.

The workshop comes within a series of cooperative initiatives aimed at raising the efficiency of the insurance market in the Sultanate of Oman, enhancing companies’ readiness to deal with challenges and supporting policies aimed at enhancing market stability and protecting the rights of policyholders.