03 September 2015
MUSCAT: Reinsurance premium of Omani insurance companies was OMR170 million, out of the total premium of OMR400 million last year, which is against OMR165 million out of a total amount of OMR360 million in 2013, according to the Capital Market Authority (CMA).
Reinsurance retention ratios have improved in view of the fact that reinsurance premium as per cent of total premium declined to 43 per cent last year from 46 per cent in 2013, said Nasr Ahmed Abdullah Al Salhi, director of Valuation and Risk Surveillance at CMA.
Al Salhi said that reinsurance and retention ratios is very importance insurance related topic which affects the volume of the insurance company business and results. Risk management and increasing retention ratios and reducing reinsurance with external companies are very essential.
The Capital Market Authority's Directorate General of Insurance Supervision organised a training programme on the reinsurance principles for 34 participants working for insurance companies.
The programme covered topics such as introduction to reinsurance, main issues of reinsurance including methods, terms of co reinsurance, awarding reinsurance and risk transfer mechanisms. The second topic was implantation of the advantages and operations of facultative reinsurance, while application of advantages and operations of relative reinsurance was also discussed. The last topic covered accounting methods used for various types of reinsurance.
CMA has concluded six training programmes and eight programmes are underway for the employees of insurance companies sponsored by CMA this year.
MUSCAT: Reinsurance premium of Omani insurance companies was OMR170 million, out of the total premium of OMR400 million last year, which is against OMR165 million out of a total amount of OMR360 million in 2013, according to the Capital Market Authority (CMA).
Reinsurance retention ratios have improved in view of the fact that reinsurance premium as per cent of total premium declined to 43 per cent last year from 46 per cent in 2013, said Nasr Ahmed Abdullah Al Salhi, director of Valuation and Risk Surveillance at CMA.
Al Salhi said that reinsurance and retention ratios is very importance insurance related topic which affects the volume of the insurance company business and results. Risk management and increasing retention ratios and reducing reinsurance with external companies are very essential.
The Capital Market Authority's Directorate General of Insurance Supervision organised a training programme on the reinsurance principles for 34 participants working for insurance companies.
The programme covered topics such as introduction to reinsurance, main issues of reinsurance including methods, terms of co reinsurance, awarding reinsurance and risk transfer mechanisms. The second topic was implantation of the advantages and operations of facultative reinsurance, while application of advantages and operations of relative reinsurance was also discussed. The last topic covered accounting methods used for various types of reinsurance.
CMA has concluded six training programmes and eight programmes are underway for the employees of insurance companies sponsored by CMA this year.
© Times of Oman 2015
