Muscat – The Financial Services Authority (FSA) has responded to recent concerns circulating on social media regarding alleged increases in the minimum prices of vehicle insurance by some insurance companies.

In an official statement, the FSA clarified that no approval has been granted to raise the minimum pricing levels for vehicle insurance. The authority emphasized its ongoing role in monitoring insurance pricing to maintain price stability within safe and appropriate limits.

The FSA reaffirmed its adherence to the principle of a free market, noting that insurance pricing is determined by several factors, including supply and demand dynamics, the performance of insurance portfolios, and profitability levels. It stated that any change in insurance tariffs must be communicated to the Authority with valid justifications before implementation.

The Authority urged policyholders and the public to rely on its official social media channels for accurate and updated information on the insurance market. As the regulatory and supervisory body for Oman’s financial non-banking sector, the FSA continues to monitor market practices to ensure fairness and transparency.

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