Muscat-- The Sultanate of Oman, represented by the Financial Services Authority (FSA), is hosting the 3rd regional symposium titled "Expanding Insurance in the Middle East and North Africa: Key Challenges and Market Development Opportunities. "
The two-day occasion began today in Muscat and is organized in collaboration with the Supervisory Authority of Insurance and Social Welfare from the Kingdom of Morocco, alongside the participation of the International Association of Insurance Supervisors (IAIS).
Representatives from regulatory agencies, insurance firms, and industry specialists from Arab nations and regional countries are attending the symposium.
This event acts as a forum for discussions aimed at boosting regional collaboration, sharing knowledge, overcoming obstacles, and investigating opportunities associated with advancements in insurance markets, especially in the context of rapid economic and technological changes.
The first day's agenda incorporated sessions and specialized workshops focused on improving the regulatory framework of insurance to align with global trends.
Additionally, the program highlighted the crucial role of actuaries in bolstering financial stability, exploring methods for digital innovation to facilitate insurance sector growth, enhancing market conduct oversight, and expanding insurance coverage to encompass wider demographics.
Moreover, strategies aimed at improving sustainability and building institutional and professional competencies for the sustained progress of the insurance industry were discussed.
The second day will tackle various emerging topics, particularly "sustainable insurance as a strategy for addressing environmental and social risks," "risk management and transfer," "enhancing market conduct to safeguard consumer rights," and "establishing transparency principles in insurance transactions. "
This symposium reflects the ongoing collaboration between the FSA and its Moroccan counterpart. In 2022, both parties entered a memorandum of understanding (MoU) aimed at advancing the supervisory and oversight capabilities of the insurance sector and increasing its overall effectiveness.
