Middle East - Oman: Insurers urged to upgrade local human capabilities
Source: Middle East Insurance Review | Jun 2016
Insurance companies have to adopt practical plans to upgrade the skills and capabilities of their employees for them to assume leadership roles in the industry, according to Sheikh Abdullah bin Salem Al Salmi, Executive President of Capital Market Authority (CMA).
The CMA has been taking steps to promote the training of the local workforce in this vital sector to raise their competency level so that they will have the required expertise to assume management roles in the sector, reported the Oman Observer.
One such move is the signing of a memorandum of agreement in May between the CMA and the government-run College of Banking and Financial Studies (CBFS) to train Omani cadres to help them acquire professional qualifications from the London-based Chartered Insurance Institute.
Dr Ahmed al Ghassani, Dean of CBFS, said that the agreement provides for training programmes that are responsive to insurance business needs and focused on evidence-based practices.
According to CMA data, of the total strength of 1,888 employees in the insurance sector, Omanis number 1,298 at various administrative levels, representing 69% of the total industry workforce.
Sheikh Al Salmi said that more plans and programmes will be rolled out to attract new talents to the sector. A training committee has already been formed and is working on the preparation and execution of training programmes. The committee conducted 15 training programmes in 2015, attended by 400 insurance sector employees.