The Insurance Bureau participated in the joint regional symposium organized by the Financial Services Authority (FSA) with the Social Security Insurance Supervisory Authority of the Kingdom of Morocco. The symposium, which was attended by the International Association of Insurance Supervisors (IAIS) and the International Association of Actuaries (IAA), addressed the topic of expanding the scope of insurance in the Middle East and North Africa (MENA) region: key challenges and market development opportunities. The symposium, held in Muscat on April 29-30, 2025, featured the Chairman of the Insurance Bureau. The symposium addressed the following topics:
Developing the insurance market through sound regulation and supervision; the role of actuaries in building trust in the insurance sector; risk transfer and retention strategies; and how to enhance and support local capabilities. It also addressed how innovation in insurance technology leads to digital transformation in insurance operations.
The symposium addressed the importance of sustainable insurance and its role in supporting social and environmental goals, while promoting market growth and development through the development of insurance products and the introduction of policies that address sustainability challenges, mitigate risks, and support the growth of the insurance sector.
It is worth noting that the Insurance Bureau has adopted the weather index insurance policy as a model for barometric insurance, which covers risks. Climate change and its impact on agriculture, in cooperation with the World Food Programme, and Asia Gate Insurance Company covered these risks.