Morocco’s Social Security Watchdog Discusses Climate Risks with Oman’s Capital Market Authority

Casablanca – The Insurance and Social Security Supervisory Authority (ACAPS) and the Capital Market Authority of the Sultanate of Oman (CMA) are co-hosting the Middle East and North Africa (MENA) Seminar on Climate Risk Supervision and Protection Gaps on September 27-28 in the Omani capital Muscat.

The event brings together MENA supervisors, the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii) and Sustainable Insurance Forum (SIF) to discuss the challenges of climate risks and protection gaps and the best solutions to address them, ACAPS said in a statement.

This seminar, which comes in response to the priorities of the MENA region in the fight against climate change, aims to increase awareness of the importance of establishing programs and policies for prevention, protection and capacity building of the insurance sector in the fight against climate risks, the same source adds.

The holding of this meeting is an opportunity to discuss the roadmap of IAIS on climate risks and collect the views of supervisors around the challenges facing the insurance markets in the region, notes the statement.

This meeting will allow to exchange experiences and good practices in this field and to take stock of the most important international standards aimed at fighting against the effects of climate change.

The holding of this meeting comes in application of the memorandum of understanding concluded between ACAPS and the Omani Capital Market Authority, during the first quarter of the current year, and having for object the reinforcement of the bilateral cooperation and the exchange of information in the field of the insurance on the basis of the reciprocal interests.