Nearly half a million covered by COVID-19 insurance

Muscat: Nearly half a million people are under insurance that will cover the costs of COVID-19 treatment, with more expected to be included under this scheme, as part of a special fund that the Capital Market Authority is considering to launch to protect uninsured people from calamities and epidemics.
The number of Omanis and expatriates currently covered by insurance stands at 490,466, with coverage provided by 16 different insurance companies. All of them will also be insured for COVID-19 treatment.
Abdullah Salim Al Salmi, Executive President, Capital Market Authority, said that the role played by the insurance companies in Oman would help protect different communities in the country from incidents that cause harm to life and property, and help them overcome the financial challenges associated with such cases.
He added that the current state of the COVID-19 pandemic in Oman, as well as the exceptional weather that the country had seen over the past few years, highlighted the need to create means of mitigation of the impact of such events on the economy, the community and the government.
In this regard, the CMA is considering establishing a fund for calamities to compensate the risks which are not covered by normal insurance such as epidemics (COVID-19) or compensation to those who have no insurance cover resulting from such calamities, which is a regular provision in many countries.
The CMA has issued a circular announcing an initiative to cover the costs of treatment and medicines for expats diagnosed with COVID-19. The circular issued by the CMA includes expatriates who have insurance coverage, but the policy does not cover endemics as per global practices. The initiative will be effective from the date of issuance of the circular.
The circular addressed to insurers included directives related to the coverage of the costs and treatment of insured expatriates infected with coronavirus (COVID-19) within the limits of the insurance available in their respective policies when they receive treatment in any private hospital. The insurers would rely on the price lists and treatment procedures approved by the Ministry of Health, in addition to the costs of medical tests and treatment of expatriates receiving treatment in private hospitals and the costs of medical tests of insured expatriates who develop coronavirus symptoms.
The initiative was launched in coordination between the CMA and the Supreme Committee to deal with COVID-19, as well as the Omani Insurance Association. In light of the instructions, CMA will coordinate with the relevant entities to follow up the developments of the pandemic and review the results of the circular every three months.