Oman insurance sector swells to RO 500m in value

Business Reporter –
Muscat, MAY 27 –
The size of Oman’s insurance industry, which has registered steady growth averaging 8 per cent over the past five years, is approaching RO 500 million in value — a figure poised to balloon once the Unified Health Insurance Policy (Dhamani) initiative of the government takes effect, said Ahmed Ali al Maamari, Vice- President for the Insurance Sector at the Capital Market Authority (CMA)
Addressing a workshop on Human Resources — Enabling Strategies, hosted by the CMA recently, the official also called attention to an anticipated upsurge in the size of the sector’s workshop, once the Dhamani programme officially gets under way later this year. The mandatory health insurance scheme, due to be rolled out in phases, will be applicable to private sector employees, their dependents, and visitors to the Sultanate.
“We need to continue our efforts in building the capacity of national cadres working for the sector and acquaint them with the skills necessary to succeed in this industry. Based on the Tamkeen strategy adopted for this sector, in collaboration with the Ministry of Manpower, Omanisation is targeted to reach 50 per cent for senior management positions, 75 per cent in the mid-management category, and 90 per cent for all operational positions,” he said.
Participants representing insurance companies were invited to spell out their training needs will a view to supporting the human capital development of Omanis and the Omanisation of expat positions in the industry. The CMA has been supporting the initiative through the introduction of the Tamkeen programme, which has contributing to the training of more than 230 Omani employees of the insurance firms in 2018.