ACAPS and the Oman Financial Services Authority co-organize a high-level meeting on the development of the insurance market in the MENA region

The Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Financial Services Authority of the Sultanate of Oman (FSA) are co-organizing, on 29th and 30th April 2025 in Muscat, a high-level regional seminar on the theme ‘Expanding insurance coverage in the MENA region: major challenges and opportunities for market development.’

This meeting, which brings together representatives of regulatory authorities from several countries in the region and international institutions such as the International Association of Insurance Supervisors (IAIS), the International Association of Actuaries (IAA) and the Financial Stability Institute (FSI), will provide a platform for exchanging views on the key issues for the sustainable development of the insurance sector in the MENA region.

The seminar will focus on a number of major themes, including

• The role of regulators in modernizing the insurance market ;
• The importance of effective supervision in ensuring fair treatment of consumers, preserving market integrity and promoting transparent commercial practices ;
• The essential role of financial education in empowering consumers, improving their understanding of insurance products and fostering informed decision-making ;
• The development of sustainable insurance to meet environmental and social challenges;
• Innovation and technology as drivers of change;
• Perspectives for strengthening local risk management capabilities.

The aim of the seminar is to encourage an in-depth sharing of experience, best practices, and forward-looking thinking on the current and future challenges facing the sector.

The holding of this event reflects the commitment of ACAPS and the FSA to support developments in the insurance sector in a changing environment, to promote regulatory innovation, to reduce protection gaps, and to strengthen the resilience of financial protection systems for the benefit of the region's populations.

It should be recalled that this initiative is a continuation of the memorandum of understanding signed between ACAPS and its Omani counterpart, aimed at promoting technical cooperation, the exchange of expertise, and the harmonization of regulatory frameworks, in a spirit of regional solidarity and the exchange of expertise.

About the FSA

The Financial Services Authority of Oman (FSA) succeeded the Capital Market Authority (CMA) in 2024. In addition to the supervision of the capital market and insurance sectors, it has been entrusted with the supervision of the accounting and auditing profession.

As an independent supervisory body, the FSA is responsible for ensuring the stability, transparency and sustainable growth of the sectors it supervises, while enhancing domestic and foreign investor and public confidence in the Omani financial system.