Muscat: The Financial Services Authority (FSA) organized a discussion session today in Muscat titled "Insurance of Industrial Facilities and Security and Safety Requirements" to examine the challenges faced by various industrial facilities in obtaining appropriate insurance coverage for their diverse industrial activities.

According to Oman News Agency, the session discussed practical proposals and solutions intended to enhance levels of protection and preventive readiness within this vital sector, thereby supporting the sustainability of industrial operations, promoting business continuity, and providing a safe and attractive investment environment.

Abdullah Salim Al Salmi, CEO of the Financial Services Authority, emphasized the importance of raising awareness regarding industrial insurance and its pivotal role in managing the risks faced by industrial facilities. He noted an existing gap in understanding between insurance companies and industrial facilities concerning insurance requirements and security and safety standards.

He explained that some industrial facilities face challenges in obtaining suitable insurance coverage, while insurance companies point out that several of these facilities are classified as high-risk if they do not meet security and safety requirements. He stressed that fostering a risk management culture and committing to safety standards contribute to reducing risk levels and enhance the opportunities for facilities to obtain insurance coverage appropriate to the nature of their industrial activities.

The session included the presentation of several practical proposals and solutions, aiming to produce qualitative outcomes for the sector to enhance institutional integration and unify efforts between regulatory and operational entities. This session comes as part of the endeavor to build an integrated system for industrial risk management and to elevate levels of safety and sustainability within the industrial environment.

The session was attended by the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry; the Vice Chairman of the Public Authority for Special Economic Zones and Free Zones; and representatives from several government and private entities, including Oman Chamber of Commerce and Industry and "Madayn," as well as representatives from insurance companies and industrial facilities.