CMA organize Awareness Prgramme on Insurance at Dhofar University

The Capital Market Authority organized an awareness promgramme in Salalah on the insurance sector and its role in the economy for the participants of the sector at the University of Dhoar with the participation of students, employees , businessmen and  stakeholders of the sector.

Ahmed Ali Al Ma’amari, Director General of Insurance Supervision said the programme was organized as part of CMA’s efforts to instill insurance culture and to acquaint the public with the basics of insurance, legislations regulating insurers and to assure the public that insurance products are means of security and for any business whether individual or institutional, therefore procuring insurance is essential for any activity not compulsory procedures for motor vehicles only.

He added the insured will not feel the importance of insurance until exposed to the risk, in such case  the insurance will mitigate the risk. He said the public must be aware of such concepts which  we are looking forward to achieve  by disseminating the awareness message. We are attempting  to communicate our message to the students who are the target of the event.

The programme included an opening speech by Naser Ahmed Al Salhi, Director of Valuation and Risk Surveillance in which he said the programmes are tailored to educate the public on insurance  to create supportive environment for insurance. He added insurance is a social and economic necessity  as it provides coverage from the losses resulting from accidents on the individuals and institutions as well as instrument of saving and investment.

Hamed Saif Al Siyabi, Insurance Auditor talked about conventional and Takaful insurance and the role of CMA in supervising the sector.

Qais Said Al Suhai, Actuary, presented a paper on the concept and types of risk, insurance structure in the Sultanate and explained the Unified Motor Vehicle Insurance Policy, the recent amendments thereto, the rights of policyholder and the common errors of policyholders supported by figures.