Muscat: The Middle East and North Africa Regional Seminar on the Supervision of Insurance Protection Gaps against Climate Risks, organized by the Capital Market Authority (CMA) of the Sultanate of Oman and the Insurance Supervisory Authority and of the Social Welfare of the Kingdom of Morocco will be held on Tuesday.
The event will be held within the framework of the implementation of the Memorandum of Understanding between the two regulators of the insurance sectors of the Sultanate of Oman and the Kingdom of Morocco signed in the first quarter of this year.
The two-day seminar will be organized in collaboration with the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii) and Sustainable Insurance Forum (SIF).
The seminar is aimed at insurance supervisors from the MENA region and specialists and professionals in the insurance industry and will discuss issues related to the management of natural disasters to explore a roadmap prepared by the IAIS on climate risk and regulators’ views on the challenges facing insurance markets. in the region as well as the issues facing insurance regulators in the region in addition to the activities of the A2ii and SIF on reducing the climate risk insurance protection gap.
The seminar will help raise awareness of the importance of having coverage programs and policies in place and build the capacity of the insurance industry to deal with the challenges caused by climate change.
It should be noted that the Sultanate of Oman has experienced a number of exceptional climatic conditions in recent years which can be described as natural calamities caused by climate change, the most recent being Cyclone Shaheen. Climate change is one of the most significant issues of our time, with consequences for weather patterns, food production, sea level rise and catastrophic flooding.