Seminar on Climate Risk Insurance Supervision

The Capital Market Authority of the Sultanate of Oman and the Supervisory Authority of Insurance and Social Welfare of Morocco prepare to organize The Middle East and North Africa Regional Seminar on the Supervision of Climate Risk Insurance Protection Gap on 27-28 September 2022 in Muscat. The event will be held within the implementation of the memorandum of understanding between the two regulators of the insurance sectors in the Sultanate of Oman and the Kingdom of Morocco signed in the first quarter of this year.

The seminar will be conducted in collaboration with the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii) and Sustainable Insurance Forum (SIF).

The seminar targets insurance supervisors in the MENA region and insurance industry specialists and professional and will discuss issues related to management of natural calamities to explore a road map prepared by the IAIS on climate risk and the  opinions of  the regulators on the challenges facing insurance markets in the region as well as the issues facing the insurance regulators in the region in addition to the activities of A2ii and SIF on closing the climate risk insurance protection gap. The seminar will contribute to increasing the awareness on the importance of setting up hedging programs and policies and enhancing the insurance’s industry’s ability to face the challenges caused by climate change.

It is worth to note that the Sultanate of Oman witnessed in the recent years a number of exceptional climate conditions that can be described as natural calamities caused by climate change the most recent was Cyclone Shaheen. Climate change is one of the most importance issues in our era with consequences on weather patterns, food production, sea level rise and catastrophic floods.