CMA continues its policy to enhance Omanisation ratio in insurance sector

The Capital Market Authority (CMA) continued its policy to enhance Omanisation ratio in the insurance sector according to the Tamkeen initiative which was announced in 2018 in collaboration with the Ministry of Labour.

This is to achieve qualitative Omanisation ratios focusing on enhancing the national cadres in the medium and senior managerial positions rather than focusing on the operational roles in the insurance sector in line with the Oman 2040 Vision which aims to encourage the private to take the lead in the development process, actively contribute to the national economy and to create employment opportunities for the citizens.

CMA adopted a replacement approach by creating an integrated database for the national cadres in the sector showing their details and qualifications. The policy faced challenges but achieved positive results with a remarkable presence for the national cadres at the various levels of the industry.

CMA adopted this approach in the Omanisation policy for more than 5 years in a national initiative coupled with technical training and qualification to furnish national cadres able to fill the various managerial and technical positions and contribute to building specialised national capacities in the industry as well as creating an attractive work environment in view of the competition in the labour market.

Hence, annual plans continued since 2015 focusing on the quality of the training programs offered to the trainees to provide qualified Omanis for specific specialised roles through long term and short term programmes with the participants being selected according to academic qualifications and work experience beside Omanisation ratio in the sector.

The plan included four stages starting with comprehensive analysis of the data in the CMA portal which shows clear readings of Omanisation ratios in the managerial and technical roles, analysis of the qualification and experiences available in the sector to identify the fields of training programmes and their quality and content as well as setting training standards to achieve the objects of Tamkeen.

It is noteworthy that the statistical indices for the year 2020 show that the Omanisation ratio in the sector was 79 per cent with 51.7 per cent in senior roles, 72.4 per cent in medium managerial and technical roles and 85.7 per cent in operational positions.