According to the International Association of Insurance Supervisors (IAIS), the number of insurers operating in Oman has shrunk in recent years, from 23 in 2011 to 17 in 2025.
This decline is largely due to mergers, the withdrawal of foreign players from the local market and the lack of new entrants.
While the Omani Financial Services Authority (FSA) has reported receiving expressions of interest and inquiries from potential new players, no formal applications have been submitted since 2010.
Currently, of the 17 insurers operating in the Sultanate, nine are domestic companies and eight are branches of foreign insurers.
