MUSCAT: The Capital Market Authority (CMA) pays special attention to improving existing insurance products and services and developing new properties in the wake of climate change.
Addressing a symposium, His Excellency Abdullah Al Salmi, CEO of the Capital Market Authority said the new insurance products will contribute to managing the risks of natural or environmental disasters and mitigating their effects.
Al Salmi informed that approximately OMR 24.7 million was spend as compensation by insurance companies due to cyclone Shaheen. “OMR 24.7 million was given as compensation due to cyclone Shaheen and OMR 24.9 million under settlement,” he informed.
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“It is necessary to realize the importance of insurance as a means of managing risks in a way that enhances the demand for existing products such as agricultural insurance, home property insurance, marine insurance, and other products,” Al Salmi noted.
