GIG Gulf Secures Approval from Capital Markets Authority to Provide E-insurance in Oman

Muscat, Oman, 21 March 2024: GIG Gulf, one of the largest insurance providers in the MENA region with operations in Oman, Bahrain, Qatar, and the UAE, and a proud part of the Fairfax Group, is delighted to announce it has received approval from the Capital Markets Authority (CMA) in Oman to provide digitally integrated insurance services for its customers online. This pivotal development positions GIG Gulf as one of first two insurers authorized to offer online insurance solutions in Oman, underscoring its commitment to innovation and customer service excellence.

The approval by the CMA represents a significant competitive advantage for GIG Gulf against other major players in the market and is a testament to the company’s dedication to enhancing its online capabilities. This milestone follows a comprehensive report submission in January 2024, showcasing GIG Gulf’s sophisticated digital insurance platforms and its commitment to adhering to the highest regulatory standards.

Commenting on the approval, Paul Adamson, CEO of GIG Gulf, said: “We are proud to have been granted approval by the Capital Markets Authority in Oman to offer our insurance services online. This authorization is not just a regulatory milestone, it's a significant leap towards fulfilling our promise of providing unparalleled convenience and flexibility to our customers in Oman. As we strengthen our online presence, we remain committed to our omnichannel strategy, ensuring our customers have the freedom to engage with us through their preferred channels. Our focus remains steadfast on enhancing the digital insurance buying and servicing experience, reinforcing our position as a leading insurer in the region.”

Mehdi Salim Said Al Harthy, General Manager of GIG Gulf Oman, commented: “Receiving the CMA's approval to operate our digital insurance services in Oman is a landmark achievement for us at GIG Gulf. It reflects our deep commitment to offering innovative, accessible, and customer-focused insurance solutions. This approval not only sets us apart in the Omani market but also reinforces our pledge to be at the forefront of the digital transformation in the insurance industry. We are excited to leverage this opportunity to further enhance our service offerings and continue to meet the evolving needs of our customers in Oman with agility and excellence.”

The approval highlights GIG Gulf's ongoing efforts to be the gold standard and point of reference for digital transformation in the insurance industry, offering customers a seamless and secure platform for purchasing insurance policies, managing claims, and accessing comprehensive support services online. It also reinforces GIG Gulf's role as a customer-centric organization, dedicated to providing innovative and accessible insurance solutions.

As GIG Gulf continues to expand its digital and online services, it reaffirms its commitment to being an omni-channel company, offering customers in Oman and across the region a choice in how they access insurance services. This approach not only aligns with the evolving consumer preferences but also positions GIG Gulf at the forefront of the digital insurance services revolution in Oman and beyond.

GIG Gulf's approval to sell insurance online in Oman marks a new chapter in its mission to enhance the insurance landscape in the MENA region. With a strong emphasis on digital innovation, customer satisfaction, and regulatory compliance, GIG Gulf is set to deliver on its promise of providing exceptional insurance services that meet the needs of the modern consumer.

For more information about GIG Gulf and its services, visit www.giggulf.om