The Capital Market Authority represented by the Directorate General of Insurance Supervision  concluded a training programme on Insurance Accounting for national cadres working for insurance companies to boost Omanization and enabling plans in the insurance sector.  36 national employees working for insurance companies participated in the 5 day training programme.

 

Nasr Ahmed Abdullah Al Salhi, Director of Valuation and Risk Surveillance said that insurance plays a vital role for modern communities by providing protection for many enterprises and contributes in pooling savings required for development plans or for investments in collective economic schemes.

 

 

He pointed out that CMA is concerned with developing accounting  departments of insurance companies and enabling the qualified national cadres through training programmes and workshops for the importance of preparing financial and accounting reports for decision making according to internationally recognized accounting principles as the number of expatriates is large in such departments.

 

Al Salhi added  that CMA is keen to enable the national  employees of the industry as the sector is able to accommodate  big numbers of graduates in various commercial, accounting and marketing subjects  as well as information technology, in line with Government’s Omanization  policy and to encourage the private sector to accommodate the graduates of higher education institutions.

 

 

It is noteworthy that the insurance sector has witnessed  remarkable growth  in the past seven at an average annual growth of 14.8% with gross premiums at RO 400 million at the end of last year, and the unaudited financial statements for the first half of this year indicate the continuation of the prosperity as the gross premiums  were RO  247 million increasing by 9% compared to the same term in the past year.