CMA organises property insurance training programme

Muscat: The Capital Market Authority (CMA) began Tamkeen 2023 with the property insurance training programme to empower participants and familiarise them with the technical aspects of different property insurance branches along with the practical issues faced and their solutions.

The programme targets employees of underwriting and claims departments in the property insurance branches.  It comes within the series of annual programmes of the national initiative, Tamkeen that seeks to empower the national cadres in the field of insurance to realise the government strategy that is based on enhancing the role taken by the private sector in absorbing graduates of educational institutions; which will eventually add greater economic value to the sector.

Ula Al Suwaid, Director of Insurance Institutions Regulation, clarified that property insurance has become one of the main types of insurance in the Omani Market because of the successive climate conditions that the Sultanate of Oman has faced during the past two decades. This has enhanced the community's awareness of the importance of taking the necessary precautions against climatic hazards encountered by the various commercial and individual properties, as well as government properties of various institutions in Oman.

Property insurance policies provide insurance coverage against potential risks, such as fire, theft, and damage caused by weather fluctuations such as rain and wadis. The policy also provided the option of insurance on a specific property, such as insurance against fire, insurance against drowning (flooding) only, theft only, or others; to reduce the cost of the policy. This training programme introduces the participants to the details of this type of insurance and develops the practices in force in insurance companies regarding property insurance.

Tamkeen Initiative targets and provides training to the national cadres to enable them to be employed in senior and middle administrative, technical and operational job positions, particularly in the property insurance branch, since it has gained more importance recently with the successive climate conditions during the past years. The programme Introduces property insurance and its common policies; whether personal or commercial. It also sheds light on its legal principles in the Sultanate of Oman, shows different forms of its insurance policies and provides training on underwriting and dealing with claims.

It is worth mentioning that the value for the unaudited underwritten premiums of property insurance reached OMR87 million; making for about 16 per cent of the total underwritten premiums of the year 2022; which is 45 per cent more than the underwritten premiums of the year 2018.