Oman insurance sector takes the spotlight as the country hosts a major regional seminar in Muscat. The event, led by the Financial Services Authority (FSA), focuses on expanding insurance coverage across the Middle East and North Africa (MENA). It brings together regulators, insurance firms, and industry experts to tackle rising challenges.
This two-day seminar, held at the W Hotel, is backed by Morocco’s Insurance and Social Welfare Supervisory Authority and the International Association of Insurance Supervisors. As the sessions progress, experts examine how to strengthen the sector while adapting to rapid global changes.
The forum explores three key priorities: updating regulatory frameworks, expanding actuarial roles, and encouraging digital innovation. These goals reflect the urgent need to future-proof the Oman insurance sector while addressing global economic shifts.
During the opening remarks, Ahmed bin Ali al Maamari, FSA Vice President Insurance, emphasized the need for collaboration. He talked about growing concerns over climate change, cyber risks, and geopolitical tensions.
He added that the Oman insurance sector must create modern products to help boost both resilience and social stability. Moreover, advancing technology must align with protective safeguards to ensure sustainable progress.Also speaking at the seminar, Ahmed bin Salim al Harassi highlighted regulatory obstacles.
He pointed out that the Oman insurance sector must brace for more frequent natural disasters and unpredictable climate patterns. Therefore, it must evolve quickly.
Panel discussions focused on creating strong financial responses after disasters. The role of Oman insurance sector as a protective tool is expanding in Oman and beyond. Speakers also debated the impact of digital services and cybersecurity risks, which are rising as digitalization grows.
Regulators now aim to align local rules with international standards. However, they must maintain a balance between compliance and innovation.
Siham Ramli of Morocco’s insurance authority stated that insurance now supports social protection and drives economic growth. She said the sector, like others, must now address health, digital, environmental, and economic risks with broader solutions.
To sum up, the Oman insurance sector now reaches a critical stage of transformation. As regional cooperation increases, Oman plans to lead new insurance strategies across MENA.
