Tuesday 26 January 2021

AIG showcases importance of insurance for SMEs

MUSCAT, June 1, 2015

American International Group (AIG), a leading insurance company, showcased the importance of insurance for the growing Omani small and medium sized enterprises sector, delivering keynote presentations and practical workshops for attendees at a conference in the Sultanate.

Abdullah Bin Salem Al Salmi, chief executive officer of the Capital Market Authority (CMA) inaugurated the seventh Small and Medium Enterprises Exhibition and Conference in Oman, while Ahmed Al Mamari, director general, General Directorate of Insurance Supervision, Capital Market Authority, opened the workshops.

Both Al Salmi and Al Mamari highlighted that SME insurance and risk management is crucial for the development of the country.

A wide range of topics, including the key theme of risk management, were discussed at the conference.

With support from the CMA, the event was well attended by leading Omani SMEs, government agencies and corporates, including Bank Muscat, for whom AIG provides non-life insurance products.

Neelmani Bhardwaj, general manager of AIG Oman, said: “SMEs are the backbone of the Omani economy and effective insurance supports the further growth and development of this crucial sector by enabling them to protect and manage a whole range of business risks.

“We are proud to contribute to the success of the latest edition of the SME Exhibition and Conference, an excellent platform for sharing knowledge and building relationships between solution providers, SMEs, government agencies and the wider broker community. AIG Oman, together with the CMA and its business partners, is committed to increasing awareness of the benefits of SME insurance in Oman, through similar conferences, training programs and our day-to-day work with the sector.”

Leading AIG’s team at the event was John Heaney, AIG’s Global chief underwriting officer – SME Package, offered insights based on his broad knowledge of SME insurance across global markets to explore critical topics for the local Omani market, including risk management considerations, risk profiles and claim examples, while other senior AIG team members held workshops on various topics of interest.

It included the importance of loss prevention and how SMEs could ensure more effective claims management; the importance of comprehensive insurance that can protect core elements of an SME’s operations including people, assets and profit; and the importance of Insurance and shared the initiatives being undertaken by the CMA in supporting the growth of the SME sector.

“Insurance for SMEs is not about repair or replacing but about restoring a business to a secure trading environment. AIG understands SME clients require a simple, straightforward and cost effective process when purchasing insurance, so they can focus on their core business,” said Bharadwaj.

“As the recognised market leader across both the Omani market and the wider MENA region, AIG offers exceptional value in terms of coverage, automation, flexibility and claims service. We provide a tailored offering across superior multi-line, pre-underwritten and segmented solutions,” she added. - TradeArabia News Service

Tags: Insurance | AIG | importance |

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