Al Harrasi: Insurance is one of the basic needs for managing the risks of individuals and institutions.

Ahmed Salem Al Harrasi, Director General of Markets Prudentials and Development Sector at the Financial Services Authority, confirmed that the insurance sector is one of the most growing sectors in the Sultanate of Oman, explaining that the level of public awareness of the importance of insurance has witnessed significant growth over the past years, thus, health insurance products topped the rest of the products surpassing, in the volume of insurance premiums, the share of motor insurance. The share of health insurance amounted to 36% of the total insurance volume in the Sultanate of Oman recording an average growth of about 24% during the period  2011-2023 further to an increasing demand for property insurance products and insurance against natural calamities as a result of the successive   exceptional weather conditions that occurred at the Omani coasts, which reflects the growing level of public awareness  that insurance has become one of the basic needs for managing the risks of individuals and institutions.

The remarks were made in the opening speech delivered by the Director General Market Prudentials and Development Sector at the introductory meeting organized by the FSA in collaboration with the Ministry of Agriculture, Fisheries Wealth and Water Resources as part of the ongoing efforts to enhance awareness of insurance products and their role in protecting individuals and institutions from risks and supporting the stability of various economic sectors. The meeting targeted the employees of the MAFWR to introduce the key insurance products for individuals and institutions. The meeting was held on Monday, December 16, 2024, during which a comprehensive understanding of the various types of insurance was provided highlighting its benefits and importance for individuals and institutions.

The meeting covered several topics on insurance risk management, health insurance, credit life insurance, motor vehicle insurance, agricultural insurance livestock insurance. It is worth noting that such meetings represent a valuable opportunity for interaction and exchange of knowledge between specialists in the field of insurance, as insurance has become an essential part of   our daily lives. It provides innovative solutions that enable individuals and businesses to confront various challenges and ensure financial stability.