Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Workshop on development in insurance market

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MUSCAT: The Capital Market Authority (CMA) on Sunday organised a workshop to review a research study on developments in the Omani insurance market from 2000 to 2015. The study is aimed at shedding light on the reality of the Omani insurance market during a specific period highlighting the characteristics of the sector. The workshop was presented by Dr Khalid bin Said al Ameri, Assistant Professor at Sultan Qaboos University (SQU), and author of the research study. He suggested some measures that are required to keep pace with the growth of the insurance market and increase the demand for insurance products.


The study also includes the analysis of economic indicators, including the sector’s contribution to GDP and expenditure by individuals on the insurance products in addition to comparing the performance of the Omani insurance market to other GCC countries. The Oman insurance sector has witnessed legislative developments during the last four years, most notably the entry of Takaful insurance products, increase of the capital of insurance companies in response to amendments to the Insurance Companies Law No 14/2014 by raising the limit of the capital of the insurance companies to RO 10 million, and the inclusion of part of the capital of the insurance companies in Muscat Securities Market. — ONA


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