Muscat – The two-day event, titled “Expanding Insurance in the Middle East and North Africa: Key Challenges and Market Development Opportunities,” is hosted by the Sultanate of Oman, represented by the Financial Services Authority, in cooperation with the Insurance and Social Security Supervisory Authority of the Kingdom of Morocco. The International Association of Insurance Supervisors (IAIS) is also participating in the high-level gathering.

Attended by representatives from regional regulatory bodies, insurance firms, and industry specialists, the symposium aims to strengthen regional cooperation, facilitate the exchange of expertise, and explore solutions to challenges facing the insurance sector amid rapid economic and technological change.
Day one featured a series of panel discussions and specialized workshops on topics such as regulatory modernization, actuarial roles in financial stability, digital innovation, oversight of market behaviour, expanding insurance coverage, and building sustainable and resilient institutions.

In his opening remarks, Ahmed bin Ali Al Maamari, Deputy CEO of the Financial Services Authority, emphasised the Authority’s commitment to aligning with international best practices and driving the development of Oman’s insurance sector.

He noted that Oman’s insurance sector has seen steady growth, with total insurance premiums reaching RO 565.5 million by the end of 2023, showing a 4.5 percent increase from the previous year. The sector’s contribution to GDP rose to 1.35 percent, and over two million insurance policies were issued in 2023, marking a 4 percent year-on-year growth.

Al Maamari also highlighted major initiatives led by the Authority, including the implementation of IFRS 17, the launch of the “Dhamani” digital health insurance platform, and the development of regulatory frameworks for electronic services, adventure tourism insurance, and sector-wide risk management.
Speaking on behalf of the Moroccan supervisory authority, Abdel Rahim Al-Alami stressed the strategic importance of innovation and digitization in addressing emerging risks and expanding insurance access. He called for strengthening distribution channels and improving outreach to enhance coverage across the region.

The second day of the symposium will focus on sustainable insurance practices, environmental and social risk management, risk transfer mechanisms, and ways to strengthen consumer protection and transparency in insurance operations.

This symposium is an extension of the existing cooperation between Oman and Morocco in the insurance field, following a memorandum of understanding signed in March 2022 aimed at advancing regulatory capabilities and boosting sector efficiency.