BUSINESS REPORTER
MUSCAT, SEPT 25
The Capital Market Authority of the Sultanate of Oman and the Supervisory Authority of Insurance and Social Welfare of the Kingdom of Morocco will jointly host the MENA regional seminar on ‘Supervision of Climate Risk Insurance Protection Gap’, which opens here on Tuesday, September 27, 2022. The event will be held within the framework of the MoU signed by the insurance sector regulators Oman and Morocco earlier this year.
The two-day seminar will be conducted in collaboration with the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii) and Sustainable Insurance Forum (SIF).
The seminar targets insurance supervisors in the MENA region and insurance industry specialists and professional and will discuss issues related to management of natural calamities to explore a road map prepared by the IAIS on climate risk and the opinions of the regulators on the challenges facing insurance markets in the region as well as the issues facing the insurance regulators in the region in addition to the activities of A2ii and SIF on closing the climate risk insurance protection gap.
The seminar will contribute to increasing the awareness on the importance of setting up hedging programmes and policies and enhancing the insurance’s industry’s ability to face the challenges caused by climate change.
In recent years, Oman has witnessed a number of exceptional climate conditions that can be described as natural calamities caused by climate change. The most recent was Cyclone Shaheen. Climate change is one of the most importance issues in our era with consequences on weather patterns, food production, sea level rise and catastrophic floods.
