MUSCAT, OCT 3
Insurance disbursements by the Public Authority for Social Insurance (PASI) in Oman totaled around RO 214 million in 2022, the authority said in its newly unveiled Annual Report for the year.
The report documents PASI's commitment to providing social security and financial support to the people of the Sultanate of Oman, notwithstanding adverse impacts stemming from challenges posed by a volatile global economy.
Beneficiaries included 2,886 new pensioners during the year, affirming the authority’s role supporting retirees and their families. By the end of 2022, PASI had paid a total of 24,030 active pensions – part of a robust financial safety net created for retirees.
In addition, 2,918 pensions were disbursed to beneficiaries of deceased insured persons in 2022, helping supporting families during difficult times. An additional 2,336 beneficiaries of deceased policyholders or pensioners received financial assistance.
In line with its funding support for victims of occupational hazards, extended protection to 13,453 beneficiaries under the occupational safety insurance scheme at the end of 2022.
On the investment front, a remarkable 76% of PASI's investments were allocated to local and Gulf markets, with the remaining 24% was ploughed into foreign markets. This diversified approach mitigates financial risks associated with market fluctuations, ensuring the long-term sustainability of the organization, the authority said.
Significantly, 38.7% of total income during the year came in the form of Employer’s Contribution. The contribution of the insured was about 24.8%, while the government’s contribution was 16.3%. The balance 17% came from investment and other sources.
PASI also reported an increase in subscription revenue compared to the previous year, showcasing its ability to attract and retain policyholders.
Notably, the report highlights a significant decrease in the contribution rate of insured individuals working abroad, while the contribution rate of self-employed Omanis and similar categories saw a substantial increase. These trends indicate shifts in the workforce and the adaptability of PASI's insurance programs.
The distribution of insurance expenses revealed the following allocations during 2021 and 2022: the lion’s share went to the elderly, disability, and death insurance segment; followed by old-age pension, unemployment job security, and insurance against work injuries and occupational diseases: 1.9%.
The high number of beneficiaries under the occupational safety insurance scheme demonstrates PASI's crucial role in safeguarding the well-being of workers in Oman. This is particularly significant in a region with a relatively high rate of occupational accidents, emphasizing the organization's commitment to occupational safety and social welfare.
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