Oman: Local talent rises in insurance sector
Source: Middle East Insurance Review | Jul 2023
The Capital Market Authority’s (CMA) endeavour to increase the number of qualified Omanis in the insurance sector has reaped returns with a growing local talent in specialised jobs.
The Omani percentage in administrative and technical jobs as of the middle of 2023 reached 83.4%. It stood at 59.7% at senior management levels, and 78.1% in middle administrative jobs and 90.2% in operational jobs, according to a statement issued by the CMA.
In comparison, Omanis in the insurance sector rose to 82.5% at the end of 2021 from 79.0% at the end of 2020, according to the CMA’s annual market reports.
Employing the ‘Tamkeen’ policy, that is to groom expertise through quality education and training, the CMA hopes to align the Omani ratio in the insurance sector with the government’s plans for national cadres.
With the initiative, the insurance sector has seen the hiring of more qualified Omani human resources.
Until mid-2023, the Tamkeen initiative implemented approximately 88 specialised training programmes in various technical and administrative fields in the insurance sector, in cooperation with various insurance training institutes and centres and enabled more than 2,400 employees in the same sector.
The CMA had adopted this initiative to empower and train Omani youth in technical aspects of the insurance sector and motivate them to develop their skills and capabilities by joining training programmes including those provided by insurance entities for their employees. M