Under the Patronage of the Minister of Agriculture and Fisheries

Capital Market Authority celebrates Launching of agricultural insurance policy next Monday

CMA will launch the Agricultural Insurance Policy on Monday under the patronage of His Excellency Dr. Fuad Bin Jaafar Bin Mohammed Al-Sajwani, Minister of Agriculture and Fisheries, in the presence of representatives from all stakeholders in the agricultural sector and the insurance sector. This policy launch is considered significant in the field for its expected contribution in providing safe investment environment for agricultural and animal wealth by providing insurance coverage that protects farmers' risks and maintains good levels of production.

CMA, the Ministry of Agriculture and Fisheries, Oman Chamber of Commerce and Industry, Oman Reinsurance Company and Oman Insurance Association have been studying the possibility of offering insurance products for the agricultural sector and livestock, identifying the types of coverage that are suitable and economically feasible, and determine required tools and experiences to implement agricultural insurance as the concerned authorities have shown great interest in supporting the efforts to develop the agricultural sector in the Sultanate, in order to contribute to reducing the damage caused by the risks in the sector which will in turn lead to further development, stability and security of the agricultural sector, and will  reduce its  dependence on the government in the event of any disasters.

The agricultural insurance products were activated after holding meetings and consultations with a number of farmers. An awareness workshop was held in a number of governorates in the Sultanate to present the main requirements and regulatory provisions of the draft document, and to explain proposed subscription mechanisms  in preparation for the formal launch of agricultural insurance products.