Omani insurers adopt IFRS 17 insurance standard

Omani insurers have recently adopted the new IFRS 17 standard, replacing IFRS 4.

Effective since 1 January 2023, this new accounting standard is designed to improve the quality of information provided by insurance companies and to optimize transparency between insurers.

In a bid to facilitate the industry's transition to IFRS 17, the Omani Capital Market Authority (CMA) has announced a 60-day extension of the deadline for insurance and reinsurance companies to release their financial statements for the third quarter of 2023.