BUSINESS REPORTER
MUSCAT, JUNE 7
The Capital Market Authority (CMA) has announced that the Sultanate of Oman will host the General Arab Insurance Federation’s Conference in 2024. It will be jointly organised by the CMA and the Omani Insurance Association.
The conference is the most important event of the Arab insurance industry as it brings together more than 2,500 participants from Arab and global insurance companies In addition to being a forum for businessmen and top leaders of the Arab insurance market and those interested from different countries of the world, and will discuss key issues and topics related to the development of the insurance industry at the regional and international levels.
Muscat’s selection as a venue for the 2024 forum came on the sidelines of the participation of the Sultanate of Oman, represented by the Capital Market Authority and the Omani Insurance Association, in collaboration with the Oman Chamber of Commerce and Industry, in the meeting of the General Assembly of the General Arab Insurance Federation and the accompanying 33rd conference in Algeria, which is titled “The new situation and its repercussions on the insurance industry” and discussed the most important challenges and opportunities of the Arab Insurance market.
Ahmed bin Ali al Maamari, Vice-President for Insurance Sector, welcomed the Sultanate of Oman’s hosting of the 34th session of the General Arab Insurance Federation Conference, which is held every two years, as it reflects the confidence of the Arab and global insurance markets in the Omani insurance sector as it adds great economic value to the sector which will be the focus of attention by Arab insurance companies and an opportunity to highlight the capabilities and prospects of the insurance market, both in its legislative and digital infrastructures, which are witnessing a remarkable development recently.
Sayyid Nasser bin Salem al Busaidy, Chairman of the Omani Insurance Association, added that expressed his happiness with Sultanate of Oman’s hosting the conference in its next session, given the importance attached to this event by those interested in the Arab and global insurance industry.
He added that the Sultanate of Oman’s hosting of the conference coincides with the General Arab Insurance Federation marking its 60th Anniversary.
The General Arab Insurance Federation was established in 1964, is headquartered in Cairo, and holds many conferences run by experts specialised in insurance to find solutions to the challenges facing the Arab insurance market in general.
The Omani insurance market is supervised by the Capital Market Authority and consists of 21 insurance companies and one reinsurance company. The volume of the Omani insurance market is about RO 0.5 billion ($1.2 billion) and the sector’s assets amount to RO 1.197 billion.
The Oman Insurance Association is a professional institution licensed by the Ministry of Social Development and comprises all insurance companies and brokers operating in the Sultanate of Oman.
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