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Muscat – The Capital Market Authority (CMA), which supervises and regulates the insurance coverage sector within the sultanate, on Tuesday introduced that Oman will host the Basic Arab Insurance coverage Federation’s Convention in 2024.
This main occasion shall be collectively organised by the CMA and the Oman Insurance coverage Affiliation. The convention is crucial occasion of the Arab insurance coverage business because it brings collectively greater than 2,500 contributors from Arab and world insurance coverage corporations, the CMA stated in a press release.
The contributors within the convention will focus on key points and matters associated to the event of insurance coverage business on the regional and worldwide ranges.
Ahmed Ali al Ma’mari, vp for insurance coverage sector on the CMA, welcomed Oman’s internet hosting of the thirty fourth session of the Basic Arab Insurance coverage Federation’s Convention, which is held as soon as in each two years.
“It displays the arrogance of the Arab and world insurance coverage markets within the Omani insurance coverage sector,” he stated. The occasion will add worth to Oman’s insurance coverage sector and current alternatives to spotlight the capabilities and prospects of the Omani insurance coverage market at regional and world ranges, Ma’mari added.
Sayyid Nasser Salem al Busaidi, chairman of Oman Insurance coverage Affiliation, expressed his happiness that the sultanate is hosing the Arab insurers’ convention in its subsequent session, given the significance hooked up to this occasion by the Arab and world insurance coverage business. He added that Oman’s internet hosting of the convention coincides with the Basic Arab Insurance coverage Federation’s sixtieth anniversary.
Headquartered in Cairo, Egypt, the Basic Arab Insurance coverage Federation was established in 1964. The federation holds many conferences run by consultants specialised in insurance coverage to search out options to the challenges dealing with the Arab insurance coverage market typically.
The Omani insurance coverage market consists of 21 insurance coverage corporations and one reinsurance firm. The scale of the Omani insurance coverage market is about RO500mn and the sector’s whole belongings quantity to RO1.197bn.
Oman Insurance coverage Affiliation is knowledgeable establishment licensed by the Ministry of Social Improvement and contains all insurance coverage corporations and brokers working within the sultanate.
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