Oman - Growth of ins. firms asset investment stands at 41%
Monday, 12 14 2020, Category: Insurance and Reinsurance, Country: Oman
Abdullah bin Salim al Salmi, Executive President of the Capital Market Authority (CMA), has said that insurance firms’ assets investment regulation has been revised in a manner that allows more ability in engaging positively with developments in global markets and responding to opportunities and demands of the current stage.
In a statement, Al Salmi said that the regulation sufficiently flexible to help insurance companies upgrade their performance, maximize economic benefits from the local market and stimulate economic activity in the country.
Al Salmi pointed out that the volume of the insurance sector investments crossed RO 709.2 million by the end of third quarter in 2020 at a rate of 6% over the past five years. Insurance firms constitute the largest segment in government bonds investments, operating alongside the banking sector and pension funds.
Endorsement of the regulation came as part of regular review of systems and procedures approved by the CMA to tune to developments in the field, particularly during this important stage of economic development within the context of the framework of the Sultanate’s renewed renaissance and Oman Vision 2040.
Source: Oman Observer