Workshop on Omani insurance market

MUSCAT: The Capital Market Authority (CMA) yesterday organised a workshop to review a research study on developments in the Omani insurance market from 2000 to 2015.

The workshop aimed at shedding light on the reality of the Omani insurance market during a specific period and highlighted the characteristics of the sector.

The workshop was presented by Dr. Khalid bin Said Al A’meri, Assistant Professor at Sultan Qaboos University (SQU) and author of the research study in which he pointed at some measures that are required to keep pace with the growth of the Omani insurance market and increase the demand for insurance products, indicating that the importance of this study comes as it deals with one of the important economic sectors in the national economy system, and is playing a growing role in providing a safe investment environment for the exercise of individual and institutional activities.

The study also included the analysis of economic indicators, including the sector’s contribution to GDP and expenditure of the individual on the insurance products, which reaches OMR100 per year, in addition to comparing the performance of the Omani insurance market in the markets of the other GCC countries.

Takaful

It is noteworthy that the insurance sector witnessed legislative developments during the last four years, most notably the entry of Takaful insurance products, increase the capital of insurance companies in response to amendments to the Insurance Companies Law No.14/2014 by raising the limit of the capital of the insurance companies to OMR10 million and the inclusion of part of the capital of the insurance companies in Muscat Securities Market (MSM).