FSA reviews insurance and safety requirements of industries

MUSCAT: The Financial Services Authority (FSA) reviewed the key challenges related to insuring industrial facilities during a dialogue session it hosted under the title ‘Securing Industrial Facilities and Safety Requirements’.
The session aimed to examine the current challenges faced by several industrial establishments in obtaining appropriate insurance coverage for various industrial activities. This was done through reviewing the perspectives of facility owners and representatives, as well as insurance companies. The session also sought to discuss practical proposals and solutions to enhance protection levels and preventive readiness in this vital sector, thereby supporting the sustainability of industrial operations, strengthening business continuity and fostering a safe and attractive investment environment.
The session was led by Abdullah bin Salim al Salmi, Executive President of the FSA and attended by Ghalib bin Said al Maamari, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry (MoCIIP); and Eng Ahmed bin Hassan al Dheeb, Deputy Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ). Representatives from several relevant public and private entities also participated, including the Public Establishment for Industrial Estates (Madayn), the Oman Chamber of Commerce and Industry (OCCI), in addition to representatives of insurance companies and industrial establishments.
In his opening remarks, Al Salmi emphasised the importance of enhancing awareness of industrial insurance and its vital role in managing risks faced by industrial facilities. He noted that there is a gap in understanding between insurance companies and industrial establishments regarding insurance requirements and safety and security standards.
He further explained that some industrial establishments face challenges in obtaining suitable insurance coverage, while insurance companies indicate that certain facilities are classified as high-risk if safety and security requirements are not met. He stressed that strengthening risk management culture and compliance with safety standards contribute to reducing risk levels and enhancing the ability of establishments to obtain insurance coverage appropriate to the nature of their industrial activities.