ACAPS and the Capital Market Authority of the Sultanate of Oman (CMA) co-organized a seminar on inclusive insurance and digitalisation

The Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Capital Market Authority of the Sultanate of Oman (CMA) are co-organizing their second MENA seminar on the themes of inclusive insurance and digitalisation on October 25 and 26, 2023 in Rabat.

This event brings together supervisors from the Middle East and North Africa region to review strategies and policies aimed at promoting inclusive insurance and strengthening the sector's digitalisation capabilities.

The seminar aims to promote cooperation among insurance supervisory authorities in the MENA region. This will help develop inclusive insurance markets and increase accessibility of insurance products to the entire population. It will also encourage the introduction of alternative channels and customized offers for underserved segments.

The meeting will also provide an opportunity to exchange experiences and best practices in promoting digitalization and innovation, and to examine the most important international standards in this field, as well as the challenges posed by digital transformation, such as cybersecurity risks in the insurance sector.

In partnership with the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii), the FSD Africa financial sector development program, and the MENA Insuretch Association, this conference aims to discuss the IAIS 2025/2029 roadmap and gain insights from supervisory authorities regarding the challenges confronting insurance markets in the region.

It should be noted that this seminar is being held in application of the memorandum of understanding signed in 2022 between the Insurance and Social Security Supervisory Authority and the Omani Capital Market Authority, the aim of which is to strengthen bilateral cooperation and the exchange of information in the field of insurance on the basis of mutual interests.

About CMA

The Omani Capital Market Supervisory Authority was established on November 9, 1998 and became operational on January 9, 1999. With legal personality and financial and administrative independence, this government entity is responsible for the development of the capital market and insurance sectors, notably through the preparation of studies and the introduction of appropriate legislation and regulations in line with international best practice.