Oman

Axco provides details on the life insurance sector including Oman's market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Oman, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Oman's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Oman report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The life insurance market in Oman has for some time been more heavily characterised by individual business than is the case in many other markets in the Gulf Cooperation Council (GCC): in contrast to other GCC markets group business has developed only moderately in the past. It should be noted that the group life category in Oman as reported by the regulator includes credit life business transacted by banks.

In 2016 many banks ceased purchasing credit life ....

A market for individual pensions has yet to develop, since most Omanis rely on the state social security scheme, which makes provision for retirement pensions.

Private sector employer-sponsored pension schemes are not the norm ....

Following the approval in 2017 of the Council of Ministers and Ministry of Health for the implementation of a compulsory PMI scheme for all those people (and their dependants), Omanis and expatriates, working in the private sector of the economy the insurance market regulator has completed the required regulatory framework, including publishing a unified policy and considering issues of compliance and oversight. The scheme as a whole is known as Dhamani. It is to be progressively implemented ....