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The Finance & Insurance Sector Joint Committee of the Oman Chamber of Commerce & Industry (OCCI) held its first meeting for the current year on July 15.
The meeting, held at the OCCI’s headquarters, was the first after restructuring efforts were completed. Organised under the chairmanship of Murtadha Al Jamalani, the gathering was attended by committee members from relevant fields representing companies, associations, and the government.
The committee chairman started the meeting with words of welcome and appreciation for the members of the committee. He mentioned the finance & insurance sector's important role in providing project finance and insurance protection to private and public sector projects, entrepreneurs, and the society in general.
The chairman also highlighted the important role played by the OCCI through its specialised committees and branches throughout the Sultanate in helping the private sector and other stakeholders achieve their objectives with the assistance and support of the society and the government.
The members present reviewed and discussed the proposed Business Plan for 2018. With the theme “Growth and Sustainability,” the plan includes proposals for holding seminars on agricultural product insurance, as well as fishing boat, vessel, and equipment insurance, in coordination with the Oman Insurance Association.
The meeting also saw participants taking a look at the experience of various countries around the world in the area of Enterprise Risk Management (ERM) for the private sector in general. Particular focus was given to Small & Medium Enterprises (SMEs) through the establishment of the Strategic Institute for Risk Management (SIRM).
Committee members also discussed the subject of Motor Insurance Practices followed by the insurance industry, which helps them arrive at a satisfactory market value before and after accidents for the different makes, models, types, and prevailing prices of vehicles in the market. The members welcomed the move of Oman Insurance Association and the Capital Market Authority (CMA) in arriving at a satisfactory solution for the issue.
In a move to enhance insurance market premium income and yields from non-oil revenue, the committee members addressed the possibility of increasing efforts to develop insurance awareness programmes and review various pieces of legislation. The members agreed on bancassurance being one of the modes of developing insurance awareness in society. The other finance sectors’ Business Plan is set to be addressed in the next committee meeting.
Committee members also agreed to prepare a questionnaire on the issues faced by the sectors, in a bid to enable the OCCI to take them up with appropriate authorities in order to come up with appropriate solutions and establish an integrated financial system.
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