The Financial Services Authority (FSA) has reviewed the key challenges related to insuring industrial facilities during a dialogue session with stakeholders, including insurance companies and owners of industrial companies.
The discussion, held earlier this month, examined the challenges faced by industrial establishments in obtaining appropriate insurance coverage for various industrial activities. The session also discussed practical proposals and solutions to enhance protection and preventive readiness in this vital sector, thereby supporting the sustainability of industrial operations, strengthening business continuity, and fostering a safe and attractive investment environment.
The session was chaired by Mr Abdullah bin Salim Al Salmi, FSA’s Executive President, who emphasised the importance of enhancing awareness of insurance and its vital role in managing risks faced by industrial facilities. He noted that there is a gap in understanding between insurance companies and industrial establishments regarding insurance requirements and safety and security standards.
Several practical proposals and solutions were presented during the dialogue session. The purpose is to build an integrated industrial risk management system and elevate safety and sustainability standards in the industrial environment.