Business insurance · Oman
GIG Insurance Oman (GIG Gulf)
Engineering insurance for contractors from GIG Gulf, formerly AXA Gulf
Market position
GIG Gulf is the former AXA Gulf business, bought by Kuwait's Gulf Insurance Group in 2021; Canada's Fairfax Financial lists Gulf Insurance Group among its insurance companies. Its Oman site lists contractors all-risk (from villas to bridges), erection all-risk, contractor's plant and machinery, machinery breakdown and electronic equipment cover, sold project by project or as an annual multi-project policy. GIG Gulf says it has a specialised team of engineers to help with risk management.
Oman-specific note
GIG Gulf is the renamed AXA Gulf business, which Gulf Insurance Group bought in 2021. Ask whether an annual multi-project CAR policy suits your workload better than insuring each project separately.
Pros
- + Full engineering range: CAR, EAR, plant, machinery, electronic equipment
- + Annual policy option covering multiple projects
- + In-house engineering team for risk management (GIG Gulf says)
- + Oman toll-free line 800 70 292
Cons
- − No published rates
- − Product page gives cover names, not limits or exclusions
- − No online quote price shown for engineering cover
Typical Oman pricing
Quote-based; no published rates.
Why this matters for Oman trades
The Oman Tax Authority administers 5% VAT (registration mandatory above OMR 38,500 of annual supplies) and Fawtara e-invoicing, a 5-corner model in which OTA-accredited service providers exchange invoices and report tax data; other sources give different phase dates, so check your own start date with the Authority. Since 1 August 2025 the Ministry of Labour requires OSE accreditation before an engineer’s work permit is issued or renewed. The Authority for Projects, Tenders and Local Content (Royal Decree 57/2025) registers and classifies suppliers, contractors and consulting offices on Esnad for government work. Under Ministerial Decision 602/2025, firms meeting Omanisation targets get 30% off visa and licensing fees and firms falling short pay double, according to Muscat Daily. Muscat Municipality issues building permits in Muscat governorate; the unified building code from the Ministry of Housing and Urban Planning is optional in 2026 and 2027, enforced in Muscat from 2028 and nationwide by 2030, according to Muscat Daily; and the Civil Defence and Ambulance Authority (CDAA) sets building fire-safety conditions and studies construction plans.
Oman construction software selection is shaped by the Oman Tax Authority’s phased Fawtara e-invoicing rollout through accredited service providers (the Authority’s FAQ says implementation begins in August 2026 for 100 large VAT-registered companies, in February 2027 for all large VAT-registered companies and in August 2027 for all remaining VAT-registered taxpayers), alongside 5% VAT, OSE engineer accreditation (required for work permits since 1 August 2025), registration and classification on the Esnad portal of the Authority for Projects, Tenders and Local Content, Omanisation categories that raise or lower work permit fees, building permits through Muscat Municipality’s e-services, the unified Oman Building Code, and CDAA fire-safety requirements.
Frequently asked
Is GIG Insurance Oman (GIG Gulf) a good fit for Oman trades?
GIG Gulf is the former AXA Gulf business, bought by Kuwait's Gulf Insurance Group in 2021; Canada's Fairfax Financial lists Gulf Insurance Group among its insurance companies. Its Oman site lists contractors all-risk (from villas to bridges), erection all-risk, contractor's plant and machinery, machinery breakdown and electronic equipment cover, sold project by project or as an annual multi-project policy. GIG Gulf says it has a specialised team of engineers to help with risk management. GIG Gulf is the renamed AXA Gulf business, which Gulf Insurance Group bought in 2021. Ask whether an annual multi-project CAR policy suits your workload better than insuring each project separately.
What does GIG Insurance Oman (GIG Gulf) cost in Oman?
Quote-based; no published rates. Pricing and availability can change by region; confirm current Oman pricing on the vendor's site before committing.