Workshop on building NAT CAT insurance programme organised

Business Monday 15/November/2021 19:08 PM
By: Times News Service
Workshop on building NAT CAT insurance programme organised

Muscat: Under the guidance of the Capital Market Authority (CMA), Oman reorganised a workshop for senior leaders within the insurance community in Oman, part of the Oman Insurance Association, on November 10, to progress on the journey towards building a NAT CAT insurance programme for Oman.

The workshop discussed local, regional and international insights with discussions and interactive sessions, and was conducted by Oman Re in collaboration with Willis Re, which is a leading global consultancy firm with in-depth technical expertise and possessing comprehensive experience within NAT CAT insurance programmes.

Speaking at the event, Ahmed bin Ali Al Mamari – Vice President, Insurance Sector, CMA, said, “This is a positive step in the right direction towards building a NAT CAT programme for Oman as directed by the royal decree issued by His Majesty Sultan Haitham bin Tarik. The strong response to the workshop in ‘Building Resilience’ underlines the urgency towards the industry’s collaborative efforts to arrive at solutions that protect the insurer and the insurance companies. We believe this program would help narrow the gap between insured and economic losses and contribute to the stable growth of Oman towards Oman Vision 2040. On behalf of CMA, I would like to thank all participants from the insurance community and Oman Re for taking the initiative to help build a secure future.”

In his concluding remarks, Romel Tabaja – CEO, Oman Re said, “We thank the CMA for their guidance, and all the members of Oman Insurance Association and other participants for their time and efforts to participate in this workshop. We are grateful to see the strong response to the proposed plans for developing the NAT CAT programme and we are excited to collaborate with the industry to make it a success. The recent cyclonic storm that impacted the country severely is a reminder of the immediacy for such a framework, and we are confident that together, we will build a resilient future for Oman.”