CMA Concludes Marine Insurance Training Programme

The Capital Market Authority continued its endeavors to qualify national cadres working for the insurance sector to enable them and upgrade their professional standards to achieve the new Omanization policy adopted by CMA to enhance the added economic value of the insurance sector. To this end a training programmed in marine insurance was organized with the participation of a number of employees of insurance companies and brokers.

On the significance of the programmes Rashid Mohammed Al Rashdi, Director of Insurance Institutions Regulation Department and Vice Chairman of Insurance Training Committee said “This programme is the 18^th in this year’s series of training programmes  which is the third consecutive year to attain the new Omanization policy adopted by CMA to empower the national cadres working in the insurance sector to take up medium and senior administrative and technical positions rather than operational roles. He added the policy is linked to training and qualification through specialized programmens in insurance, accounting, commerce and others related to development of technical and administrative skills.

Al Rashdi added that marine insurance has great importance as it is related to marine transport and the movement of ships as the Sultanate is located within the most important shipping routes and must be ready to benefit from the share in the marine insurance not in the local market only but in the regional and international market as well. Hence, CMA’s  vision is to qualify the national carders to contribute to increasing the share in marine insurance and expand the services rendered to this type of insurance as the marine insurance represents  3% of the total insurance premiums in the Omani insurance market as per the 2016 statistics at RO 13.6 million. He added “We expect more growth  in this type of insurance products in view of the Government’s consideration to develop and expand logistics sector , ports and  investment in strategic locations.”

It is noteworthy that marine insurance is one of the oldest types of insurance in the ancient civilizations as well as its modern form since the beginning of the eighteenth century  for its role in the coverage of the risk of international trade, imports and exports.