(MENAFN- Muscat Daily) Insurers in the sultanate are planning to make better use of technology and raise the insurance industry's profile in an effort to boost the size of the market and improve profitability in what is viewed as a 'crowded sector'.
The Oman Insurance Association (OIA) has vowed to focus on e-insurance, a system that was launched last year and provides a database shared by the Royal Oman Police (ROP) and insurance providers.
Insurers will have access to the traffic history for all vehicle owners, allowing policy writers to set appropriate premiums for drivers. The sector's regulator, the Capital Market Authority (CMA), has said the system will encourage self-regulation and compliance with traffic rules.
Automotive insurance is one of the highest profile products on insurers' shelves, accounting for some 40 per cent of gross written premiums (GWP), and around three quarters of all policies. The OIA had announced last month that it is developing a blueprint for the industry for the coming two years.
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