The Oman Financial Services Authority (FSA) held its regular meeting with the chairpersons of insurance firms’ boards to discuss current sector challenges, development opportunities, and coordination between the supervisor and the insurance market, with a focus on improving sustainability and efficiency. Key messages included a shift from quantitative growth to sustainable value, with the FSA stressing adherence to technical pricing based on actuarial principles and risk factors, linking growth to risk-adjusted profitability, and using loss ratios as an indicator of financial soundness. The discussion also covered motor insurance losses and the need for integrated solutions involving regulators, operational entities, and insurers, alongside expectations to strengthen claims management by moving from dispute management to trust-building and improving customer experience. Governance, sound practices, and digital transformation were framed as core pillars, including building an institutional digital framework to enhance data integration, governance and market discipline, and decision-making efficiency; the meeting also addressed structural issues, capital, market structuring, the role of a new legislative framework in resilience and risk management, localisation programmes tied to performance indicators, and financial discipline in settling healthcare providers’ dues to support health insurance sustainability.

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