The Sultanate of Oman represented by the Financial Services Authority (FSA) hosts the third version of the regional seminar titled “Expanding Insurance in the Middle East and North Africa: Key Challenges and Market Development Opportunities” in collaboration with the Authority of Insurance and Social Welfare (AISW) of the Kingdom of Morocco and the participation of the International Association of Insurance Supervisors (IAIS). The two- day seminar commences on Tuesday, April 29, 2025 at the W Hotel, Muscat.

 

Representatives of regulators and insurance companies and industry experts from various Arab and regional countries participate in the seminar. The event is a dialogue platform for enhancing regional cooperation, exchange of expertise and discussion of the key challenges and opportunities facing the insurance markets in view of the rapid economic and digital transformations.

 

Today’s  program comprises a series of  discussion sessions and workshops focusing on pivotal issues such as  enhancing the regulatory framework to cope with global changes, the  crucial role actuaries play in fostering and ensuring financial stability, in addition to exploring how innovation and technology  are driving  the growth of the insurance industry as well regulating market conduct, expanding insurance inclusion  to reach broader segments of the community beside sustainability concepts enhancing strategies,  institutional and professional capacity building to ensure the industry’s sustainability and development.

 

In the opening speech, Ahmed Ali Al Maamari, Executive Vice President of the Financial Services Authority said the seminar reflects the FSA’s commitment to develop the insurance industry in accordance with best international practices pointing out that “expanding insurance denote the vital need to make insurance protection accessible to broader segment of the community in light of the rapid transformation related to digitalization, climate changes and new economic requirements.”

 

 

He said the new indices indicate the importance of such efforts as the gross insurance premiums in the Sultanate of Oman reached RO 565.5 million at the end of 2023 with 4.5% growth compared to the previous year. The contribution of the sector in GDP increased to 1.35% while the number of issued insurance policies grew by 4%.

 

Al Maamari reviewed the key initiatives of the FSA to support the industry which include implementation of IFRS17, launching the Dhamani electronic platform, the development of the services portal and issuance of regulation for electronic linking for health insurance, a policy for tourist and venture  activities further to developing and enhancing  sectorial risk management systems.

 

Abdul Rahim Al Alami, representative of AISW said that the insurance industry  constitute a fundamental mainstay in supporting the  economic growth and risk management pointing out that “ The new challenges related to digital transformation  and climate change oblige  the insurance industry to adopt innovation and digitalization as  indispensable strategic path to the future” stressing the importance of expanding the insurance base and improving  distribution channels  to enhance insurance inclusion in the region.

 

The second day will focus on issues related to sustainable insurance to encounter environmental and social risks, risk management and transfer, enhancing market conduct to contribute to the protection of the rights of consumers and strengthening the principles of transparency in insurance transactions.

 

The seminar is continuation of the cooperation process between FSA and AISW, which started with the conclusion of a memorandum of understanding in March 2022 with the object of establishing a partnership for regulatory capacity building and supervision of the insurance sector and enhancing its efficiency.