There are 126 insurance companies and 44 brokers registered with the Capital Market Authority (CMA), according to Ahmed Salem Abdullah al Harrasi, Director of the Compliance and Inspection Department, Capital Market Authority.
These firms employ 17,620 Omani people across all segments of the insurance industry in 2019, up from 17,587 in 2019, an increase of 2.2 per cent, according to statistics released by the National Centre for Statistics and Information (NCSI).
Expatriates employed in the sector number, however declined by a similar percentage to 3,719 in 2019, down from 3,802 in 2018.
Speaking on the sidelines of the Insurance Knowledge Workshop titled ‘Understanding Insurance’, conducted by UMS, he said the sector is growing thanks to the employee insurance programmes of the government.
“Oman insurance sector is highly thriving and today we have 126 insurance companies and 44 brokers registered with the Capital Market Authority. These companies specialise in a wide variety of insurance activities and are poised to achieve better results in future”, Al Harrasi said during his talk on the CMA’s role in organising and developing the insurance sector.
More than 18 industry leaders addressed the audience comprising the professionals from the insurance industry as well as a cross-section of the ministries and government bodies at the event supported by the Ministry of Finance and Capital Market Authority and powered by Dhofar Insurance Company with Oman Reinsurance Company and Arab Loss Adjusters as the support sponsors.
The niche knowledge platform facilitated an exchange of information on the updates in insurance regulations, the importance of complying with those regulations, the best practices and new products in various kinds of insurance services, exploring new opportunities for collaboration between regulatory authorities, insurance companies and their clients, especially from the government side.
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