Oman Insurance Association (OIA), a trade body of insurance companies, insurance brokers and loss adjusters, recently named a new board of directors headed by Chairman Sayyid Nassir Al Busaidi of Oman United Insurance Company, with Rawny Khadr of Dhofar Insurance and Lloyd East of RSA Middle East being named deputy chairmen.
Srinivasan AR of Falcon Insurance was named treasurer and Adil Al Lawati of Al Futtaim was named secretary. Other members of the board include Hasan Al Lawati of Marsh and P K Mohan of RMS.
The new board held its first meeting April 3 to decide on the agenda for the insurance sector of Oman for 2016.
OIA is designed to support the members’ interests and develop the most efficient trade guidelines and setting industry standards in Oman. The OIA was successful in gaining 100 percent of insurance companies to become members, with several noteworthy executives becoming full members in Oman.
“A new seven-member board has been elected and we are finalizing the set of objectives that we hope to achieve during our two-year tenure,” Al Busaidi said. “By regular consultations with the Capital Market Authority, government and other stakeholders, we aim to improve the quality of insurance services in Oman to benefit consumers, improve professionalism, consistency and raise standards. The importance of insurance in guaranteeing a country's progress cannot be undermined, and hence it is very important that correct systems are in place. We want to further strengthen the insurance industry in the country.”
The newly elected board will also concentrate on improved professionalism, training, certifications and career growth in the insurance industry in order to recruit young, determined employees from Oman.
“Since the formation of the association, we have seen some improvement in the standardization of the insurance network in Oman,” East said. “The progress in the field of e-insurance, new regulatory changes, the new unified motor policy etc. is extremely rewarding. We look forward to more years of good work and success. We are also looking at the professionalization of the association itself by setting up a permanent office and hiring resources to further achieve the goals of the association.”
In addition, the board will be focused on putting a spotlight on the role of the insurance sector within the economy, available product lines and benefits as well as how to develop the experience customers have with insurance companies.
“Once complete, we look forward to consulting on our proposals with our members in order to finalize upon an agenda,” Lloyd said.