Workshop highlights role of insurance in risk management

5/7/2017 8:35:15 AM

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A workshop on the role of insurance in risk management was organised yesterday (Tuesday) at the Knowledge Oasis Muscat (KOM) by the Public Establishment for Industrial Estates (PEIE) in cooperation with Capital Market Authority (CMA). The workshop, which came in line with the recommendations of the seminar held last year on safety and security standards in industrial firms, aimed at raising awareness on security and safety measures and requirements among industrial firms; identifying workplace hazards, and understanding the insurance philosophy.

The workshop also aimed at observing preventive guidelines; briefing on how to react in the case of incidents in order to limit injuries; and giving emphasis on the significance of preserving industrial firms as a significant source for the national economy. Speaking at the event, Ahmed bin Ali Al Maamari, Director General of Insurance Supervision at the Capital Market Authority and head of the follow-up committee of the previous seminar’s recommendation, he affirmed that the committee is currently working on drafting a guidance document that comprises the requirements of industrial firms’ insurance.

“In fact, the commitment to security and safety measures in the industrial firms has become a vital requirement to ensure the continuity and survival of the firms to be able to cope with any emergency and potential crises,” Al Maamari pointed out, adding: “The recommendations of last year’s seminar included organising a line-up of events to disseminate awareness on this important topic. Two seminars have already been held in Muscat and Salalah. Another seminar will be held in Sohar, in addition to other workshops to be held in the various industrial estates.”

Two papers with various topics were then delivered at the workshop. Presented by Samara Salah, Director of Business Development and Training, the first paper underlined types of health and safety hazards in factories, and how these hazards affect and are affected by insurance. Moreover, the second paper was delivered by Eng. Adil Al Lawati of Orient Insurance Company who highlighted the insurance philosophy, incident statistics in industrial firms, and types of insurance coverage for the risks of industrial firms.

  

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