The CMA Starts the Property Insurance Training Program for this Year, As Part of the Tamkeen Initiative

The Capital Market Authority (CMA) starts Tamkeen 2023 with the Property Insurance Program with the aim of empowering participants and familiarizing them with the technical aspects of different property insurance branches along with the practical issues faced and their solutions. The program targets employees of underwriting and claims departments in the property insurance branches.  It comes within the series of the annual programs of the national initiative, Tamkeen that seeks to empowering the national cadres in the field of insurance in order to realize the government strategy that is based on enhancing the role taken by the private sector in absorbing graduates of educational institutions; which will eventually add greater economic value to the sector.  Tamkeen Initiative targets and provides training to the national cadres with the aim of enabling them to be employed in senior and middle administrative, technical and operational job positions, particularly in the property insurance branch, since it has gained more importance recently with the successive climate conditions during the past years. The program Introduces property insurance and its common policies; whether personal or commercial.  It also sheds light on its legal principles in the Sultanate of Oman, shows different forms of its insurance policies and provides training on underwriting and dealing with claims. 

Ula Al Suwaid, Director of Insurance Institutions Regulation, clarified that property insurance has become one of the main types of insurance in the Omani Market because of the successive climate conditions that the Sultanate has faced during the past two decades.  This has enhanced the community awareness on the importance of taking the necessary precautions against climatic hazards encountered by the various commercial and individual properties, as well as government properties of various institutions in the Sultanate. Property insurance policies provide insurance coverage against potential risks, such as fire, theft, and damage caused by weather fluctuations such as rain and wadies. The policy also provided the option of insurance on a specific property, such as insurance against fire only, insurance against drowning (flooding) only, theft only, or others; in order to reduce the cost of the policy.  This training program introduces the participants with the details of this type of insurance and develops the practices in force in insurance companies regarding property insurance.

It is worth mentioning that the value for the unaudited underwritten premiums of property insurance reached RO 87 million; making for about 16% of the total underwritten premiums of the year 2022; which is 45% more than the underwritten premiums of the year 2018.

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