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In line with its commitment to 'Underwrite Oman's Progress', the Oman Insurance Association (OIA) - a trade body consisting of Insurance Companies, Insurance Brokers and Loss Adjusters - has elected a new Board of Directors with eminent members from the insurance industry. Sayyid Nassir Al Busaidi, Oman United Insurance Company, is the new Chairman of OIA and Lloyd East (RSA Middle East) and Rawny Khadr (Dhofar Insurance) are the Deputy Chairmen. Srinivasan AR (Falcon Insurance) is the Treasurer and Adil Al Lawati (Al Futtaim) is the Secretary of OIA. Other members of the Board include Hasan Al Lawati (Marsh) and P K Mohan (RMS).
The new Board met for the first time on April 3 to decide on its agenda for the insurance sector of Oman for 2016. OIA was established six years ago by Regn No. 142 dated 18 December 2010 issued by the Ministry of Social Development to support the members' interests and implement the best trade practices and industry benchmarking in Oman. The OIA has successfully recruited 100% membership amongst insurance companies and also has recruited many of the key brokers in Oman as full members.
Sayyid Nassir Al Busaidi elaborates his plans: "A new 7-member Board has been elected and we are finalizing the set of objectives that we hope to achieve during our 2-year tenure. By regular consultations with the Capital Market Authority (CMA), 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".
On the achievements of the previous Board of the OIA, Lloyd East says: "Since the formation of the Association, we have seen some improvement in the standardization of the insurance network in Oman. 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".
Other areas of focus of the new Board may include training, career growth, certifications and improved professionalism in the insurance sector to attract young, ambitious Omani talent; an increased awareness of insurance by highlighting its role in the economy, the available product offerings and benefits and finally ways to improve customer experiences. "Once complete, we look forward to consulting on our proposals with our members, in order to finalise upon an agenda", Lloyd adds.
© Press Release 2016
