The Middle East and North Africa Regional Seminar on the Supervision of Climate Risk Insurance Protection Gap, organized by the Capital Market Authority of the Sultanate of Oman and the Supervisory Authority of Insurance and Social Welfare of the Kingdom of  Morocco set off on Tuesday .  The seminar was attended by

insurance supervisors in the MENA region and insurance industry specialists and professionals  interested in the management of natural calamities.

The seminar discussed in the first session issues related to supervision of climate risks such as regulatory challenges in the MENA region, a  frameworks of risk based solvency, digitalization, financial inclusion, market development in addition to issues of common interest facing the insurance markets. The second session discussed climate risk supervision from prudential perspective. A number of matters related to good practices were discussed such as including climate related risks in the regulatory projections to ensure stable insurance markets.

The seminar will be concluded on Wednesday and will discuss closing  the climate risk protection gap and supervisory actions to increase resilience against climate risk and break-out session on customer’s journey and capacity building for supervisors.