MUSCAT : Oman’s Financial Services Authority (FSA) has directed all insurance companies licensed to provide motor insurance to maintain a minimum level of electric vehicle (EV) insurance underwriting, as part of efforts to support the country’s transition towards cleaner transportation and ensure adequate insurance coverage for EV owners.
Under a circular issued by the regulator, insurers must ensure that EV insurance underwriting accounts for at least 0.2% of their total motor insurance portfolios. Companies have been given until December 31, 2026 to comply with the requirement.
The FSA said the measure reflects its role in enhancing confidence in the insurance sector and ensuring the availability of insurance products that keep pace with developments in the automotive market.
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The regulator noted that the move is aimed at protecting consumer interests while strengthening insurance coverage in line with the growing adoption of electric vehicles and Oman’s broader clean energy objectives.
To monitor implementation and identify challenges faced by insurers, the FSA has also mandated the submission of monthly reports detailing EV underwriting performance.
In addition, insurance companies will be required to introduce a dedicated classification or coding system for electric vehicles within their electronic systems and databases. The measure is intended to improve the tracking of EV-related insurance policies and claims and support the generation of accurate industry data.
The FSA said the enhanced reporting framework would provide statistics covering underwriting volumes, premiums, claims, compensation payments and loss ratios related to electric vehicle insurance.
The authority called on all insurers to comply with the circular’s provisions, warning that failure to meet the requirements could result in companies being considered in breach of regulatory obligations.
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