Oman Financial Services Authority hosts workshop on motor insurance reforms and forthcoming natural-calamity cover for third-party damage

The Oman Financial Services Authority (FSA), working with the Braxton Group, held a workshop on “Leading Change – Rebalancing the Motor Insurance Sector” focused on pressures in the motor-insurance market and areas for regulatory and operational reform. The discussions highlighted the need for digital transformation and stronger claims management as part of efforts to enhance market efficiency and protect policyholders. The workshop examined key sector challenges including intense competition, high loss ratios, poor repair services and spare-parts shortages. It also covered forthcoming amendments to the unified vehicle-insurance policy to add natural-calamity coverage for third-party damages, alongside presentations reviewing technical indicators and proposing strategic recommendations to improve profitability, pricing effectiveness and the regulatory framework.