Workshop on Insurance and Risk Management held in Salalah

MUSCAT: The Public Establishment for Industrial Estates in collaboration with the Capital Market Authority, the Public Authority for Civil Defence and the Omani Insurance Association hosted workshop on the role of insurance in risk management for the enterprises at Raysut Industrial Estate and the Free Zone at Mazyounah.
The workshop started with statement by Major Harib Zaher al Nabhani, Assistant Director for Preventive Protection at the Public Authority for Civil Defence and Ambulance and member of the committee for execution of the recommendations of the Seminar on Security and Safety of Industrial Enterprises. He said the Committee has coordinated the efforts and enhanced cooperation between the entities concerned with developing the security and safety systems.
He added two workshops were organized in Muscat and Salalah and a workshop will be organized in Suhar.
Al Nabahani said that consolidation of security and safety culture in industrial enterprises and meeting the requirements is indispensable to ensure continuation of production and ability to encounter any potential crises, furthermore, taking care of security and safety requirements is actually a risk management measure.
Two papers were presented in the workshop.
The first paper was presented by Samarah Salah, training and business development Manager at Samarah Training Services, in which she said that emergencies are unexpected events and require prompt intervention.
The second paper was presented by Adil Hassan al Lawati of Orient Insurance in which he said that insurance is protection from uncertain risk in consideration of financial obligation (the premium) which is transfer to the risk and fragmenting the risk into small bearable risks. He added insurance grants peace of mind and ensures continuation of the business, protects the capital and protect the interests of shareholders, owners, employees and other parties as well as the national economy.
He pointed out that the risks surrounding the industrial enterprise are administrative risk such as the level of awareness and concern of the management, policies and systems applied at the enterprise and risk management plan.
Physical risks concern the nature of the product, work environment, nature of the machinery and equipment used, nature of raw material and the nature of the manufacturing processes.