Standard insurance policy for SME owners being prepared

Muscat: The Capital Market Authority (CMA) organized a workshop entitled ‘The Role of Insurance in Risk Management in Small and Medium Enterprises’ in collaboration with the Small and Medium Enterprises Development Authority on the premises of the authority.

Ahmed Ali Al Maamari, Vice President for Insurance Sector announced in the workshop that the CMA, in cooperation with the partners in the public and private sectors, is preparing a standard insurance policy for the owners of small and medium enterprises, which will provide the minimum basic insurance coverage and additional benefits for this type of institution, which is an advanced step in providing insurance coverage for this type of institution.

The organization of the workshop came as part of the CMA’s and the authority’s keenness to provide all the factors that contribute to the growth and encourage the emergence of young nationals’ initiatives that contribute to expanding the size of the private sector and drive economic development, whereas the insurance cover is one of the most important facilitators that assist the survival and sustainability of SMEs as being one of the key requirements for risk management, which is inherent in any institutional building that proceeds according to a clear plan and program to achieve development and success , further to its importance in boosting confidence and support for the entrepreneur.

Al Maamari confirmed that the CMA, through this workshop, seeks to achieve four main goals, which are instilling the concepts related to the insurance philosophy that illustrates the cooperative relationship between members of the insurance portfolio, the importance of insurance in risk management, encountering the many occurrences of risks the SMEs are exposed to such as unseen administrative expenses as well as introducing the various insurance products the SMEs need for their protection and sustainability.

It is worth noting that providing the initiatives related to insurance products for owners of SMEs contributes to achieving the national priorities of Oman Vision 2040, which is to stimulate the role of the private sector to achieve economic diversification and financial sustainability, as well as directing the institutions towards successful and sustainable economic management.

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