Dubai: The Capital Market Authority in Oman has launched an initiative to cover medical tests and treatment costs for COVID-19 infected insured members (nationals and expatriates) under their medical insurance coverage, according to a circular issued by the authority.
As the current health insurance policies do not include epidemics in their coverage limits in accordance with the prevailing global practices, the initiative will begin to be applied from the date of the issuance of this circular.
The circular addressed to insurers includes the directives related to coverage of the costs and treatment of insured members infected with COVID-19 up to their available annual benefit limits in their respective policies when they receive treatment for COVID-19 in any public or private hospital. The insurers will apply the unified standard price schedule and national guidelines set by the Ministry of Health (MoH).
All insured members currently receiving treatment for coronavirus and those members who develop symptoms will be covered in public and private hospitals, and will be effective from the date of issuance of the circular.
These initiatives are launched in coordination between the CMA and the Supreme Committee tasked with dealing with the COVID-19 pandemic and the Omani Insurance Association. CMA will coordinate with the relevant entities to closely monitor the progress of these initiatives, and follow up the developments in context of the pandemic and review the results of the circular every three months.
Audited financial data of the insurance sector in Oman in the year 2019 shows that health insurance tops the insurance portfolio with 170 million Omani riyals representing 34 per cent followed by motor insurance. Total claims paid related to health insurance were 142 million Omani riyals.
Abdullah Al Salmi, CEO of the Capital Market Authority said in a statement: “This step will be reflected in a positive way in reducing the pressure on government health institutions and reducing the financial burden that the government bears to confront this epidemic phenomenon as COVID-19.”