CMA organize workshop on key legal and technical developments in insurance sector

16 August 2015

The Capital Market Authority organized a workshop on the key legislative and technical developments in the insurance sector in Salalah for the employees of insurance companies and brokers in the attendance of Ahmed Ali Al Mamari, Director General of Insurance Supervision on Thursday 13 August 2015. Ahmed Salim Al Harrasi from the Department of Compliance and Examination delivered a lecture in which he explained the key indicators of the insurance industry such as the contribution of the sector in the GDP and per capita expenditure on purchasing insurance coverage. He said per capita expenditure on insurance has increased from RO 72.6 in 2008 to RO 96.9 in 2014 with 24% annual growth which is an indicator of increased insurance awareness thanks to the awareness programmes. He also reviewed indicators such as written premiums, indemnities, losses and net profits of insurance companies. He pointed out to the turnout on insurance products in the past years which contributed to improving the performance of the sectors due to economic growth and increased insurance awareness as an instrument of protection from risks. He pointed out to Takaful Insurance which contributed to 5.96% in 2014 as well as other issues such as capital of insurance companies, the new requirements for converting the national companies into public joint stock companies, the amendment to the standard policy and issues relating to insurance brokers. Ahmed Al Mamar, Director General of Insurance Supervision gave speech about the importance of insurance for the national economy and CMA’s role in updating and promoting the laws and regulations in line with the international practices. He said the object of amending the regulations is to promote the industry by focusing on risk management and strengthening the positions of insurers for the protection of policyholders and for rendering best services. He emphasized the importance of human resources and their roles in enhancing the industry and boosting insurance awareness in the community. Hamed Al Siyabi, auditor at the Department of Compliance and Examination concluded the workshop by reviewing the insurance conduct and the requirements of the Code of Professional Conduct issued by CMA vide circular 3/2004.