Insurance sector to have 75pc Omanis

Muscat: Giving boost to the national workforce, the ministry of manpower has set new Omanisation targets in the insurance sector.

“The decision is based on labour laws that determine the percentage of the Omanis to be employed in private sector establishments”, Shaikh Abdullah bin Nasser al Bakri, Minister of Manpower said in a statement on Sunday.

The ministerial decision No 113/2018 determines the percentage of national manpower for the years 2018, 2019, and 2020.

According to the statement, a target has been set for achieving 70 per cent Omanisation in the insurance sector establishments by the end of this year.

At the same time, in 2019 and 2020 the percentage of nationals working in the sector should reach 75, the minister said.

“At the top-level administrative jobs, the Omanisation should be 40 per cent in 2018, 45 per cent in 2019 and 50 per cent in 2020”, Al Bakri said.

While 90 per cent of the total workforce in the specialised fields is to be Omanis, at the middle level administration jobs, the percentage has been set at 65 in 2018, 75 in 2019 and 2020.

The insurance industry in Oman has gone through major regulatory changes since 2014, aimed at strengthening the capital base of insurers and developing the industry.

According to data from the Capital Market Authority (CMA), the percentage of Omanis at the top level positions in the sector stood at 29 per cent in February 2018.

While Omanisation at the middle level administrative jobs reached 48 per cent in the same period, it reached 79 per cent in the operational management level, data from the regulator showed.

In a recent interview to Observer, Abdullah bin Salim al Salmi, Executive President of CMA pointed out that the insurance sector in Oman has huge potential for growth and employment opportunities for large number of Omani youth.

“What is required now is that insurance companies adopt practical plans to upgrade the skills and capabilities of employees in the sector to enhance their competency and efficiency,” he said.

The Authority is orgainising a ‘Human Resources Forum’ for insurance sector at the Shangri-La Barr Al Jissah Resort and Spa today.

The forum will be attended by employees of insurance companies, brokers and agents, as well as officials, academics and interested persons.

In addition to reviewing opportunities and challenges, the fat forum will look CMA’s vision for Omanisation based on empowering ‘Tamkeen’ the national cadres working for the sector in various roles. By Samuel Kutty

OMANISATION TARGET

2018          2019       2020

Top Management 40% 45% 50%
Percentage of total Omanisation 70% 75% 75%
Middle Management 65% 75% 75%
Specialized and operational section 90% 90% 90%