The insurance sector regulator represented by the Directorate General of Insurance Supervision organised a training programme on risk management in insurance companies in collaboration with the Bahrain Financial and Banking Studies Institute at the Salalah Gardens Mall hotel from August 9-12.

On the importance of the programme Ahmed Saif al Siyabi a specialist at the Directorate General of Insurance Supervision said the successful culture of risk management contributes to achieving sustainable long-term growth. He said risk management is strategically more important as it enables company managers to take informed decisions.

Siyabi said the Oman insurance market needs to crystalise the concept of risk management based on its importance as most insurers in the region deal with risk management as a matter of compliance with laws and regulations or a requirement of credit rating agencies rather than as strategy for value maximisation.

He urged insurance companies operating in the sultanate to develop the capabilities of national cadres in risk management in addition to upgrading the internal risk management procedures using more advanced risk measurement instruments.

Siyabi said the role of the regulator is to contribute to enhancing the importance of risk management and directing companies on best practices.