Insurance products must be improved due to climate change demands in Oman: CMA Chief


MUSCAT: The Capital Market Authority (CMA) pays particular consideration to enhancing present insurance products and providers and growing new properties in the wake of climate change.

Addressing a symposium, His Excellency Abdullah Al Salmi, CEO of the Capital Market Authority stated the brand new insurance products will contribute to managing the dangers of pure or environmental disasters and mitigating their results.

Al Salmi knowledgeable that roughly OMR 24.7 million was spend as compensation by insurance corporations due to cyclone Shaheen. “OMR 24.7 million was given as compensation due to cyclone Shaheen and OMR 24.9 million under settlement,” he knowledgeable.

“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 famous.

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