The capital Market Authority has organized a workshop on the main principles of insurance at the Higher College of Technology  on Wednesday 4 March 2015.

The workshop started with a lecture delivered by Ahmed Salim Al Harrasi of the Department of Compliance and Examination in which he said insurance is the process of transferring risk from the insured to the insurer.

He said insurance types are home insurance, health insurance, loan insurance, personal accidents insurance, marine insurance and air transport insurance.

Insurance principles are insurance benefit, good faith, direct cause, indemnity, subrogation and participation.

He added the number of insurance companies in Oman is 22 comprising 10 national companies 11 foreign companies and 1 reinsurer while the number of brokers is 32 companies.

He said due to the importance of motor insurance in the Sultanate and the increasing number of traffic accidents and the loss to lives and property in addition to indirect loss due to traffic jams CMA in collaboration with ROP introduced a simplified system for minor traffic accidents without the need for the presence of ROP.