The companies, which is licensed by CMA to practice insurance service as per Royal Decree No.12/79 Promulgating the Insurance Companies Law.
Insurance Company: A juristic person licensed to provide and sell insurance policies to the clients (policyholders). Certain companies provide one type of insurance such as life insurance or health insurance or motor insurance etc. Other companies provide multiple types of insurance. The client receives for consideration of buying a policy financial protection or indemnity from the company for the loss or damage they suffer when the insured event occurs in return of specific premium paid by the insured on annual or monthly basis as agreed. The insurance companies issue insurance policies to cover events such as fire, floods, robbery, theft, work injuries and death etc. They include financial loss to the policyholders. 20 insurance companies are licensed in Oman including 10 national companies all operating as public joint stock companies and 10 companies acting as branches of foreign insurance companies.
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