The Oman Financial Services Authority has issued a circular requiring all insurers licensed to provide motor insurance to maintain a minimum level of electric vehicle underwriting relative to their motor insurance portfolios. Each insurer must ensure that electric vehicle insurance accounts for at least 0.2% of its total motor insurance portfolio, with compliance required by 31 December 2026. To support supervision, insurers must submit monthly reports on their underwriting performance and introduce a dedicated code or classification for electric vehicles in their electronic systems and databases. The measure is intended to make electric vehicle policies and claims easier to track and to improve data on underwriting volumes, premiums, claims, compensation payments and loss ratios. The circular is framed as part of the authority’s effort to ensure the availability of insurance coverage for electric vehicle owners as the automotive market shifts toward clean energy.
Oman Financial Services Authority2026-06-10
Oman Financial Services Authority requires motor insurers to keep electric vehicle underwriting at at least 0.2% of portfolios by 31 December 2026
The Oman Financial Services Authority has required motor insurers to keep electric vehicle underwriting at no less than 0.2% of their total motor insurance portfolios by 31 December 2026. Insurers must also file monthly underwriting reports and add dedicated electric vehicle classifications in their systems to support monitoring of policies, claims and related data.