The insurance sector is increasingly relying on accurate data and predictive analysis to support more efficient decision-making, contributing to the development of insurance products and enhancing the quality of services provided, according to Mr Ahmed bin Ali Al Mamari, EVP of the Financial Services Authority (FSA).
He made the remarks during the opening of a workshop titled "Flood Risk Analysis Using Satellite and Drone Technologies", hosted by the FSA last week in collaboration with Oman Lens, an Omani space technology and artificial intelligence company, and Esbaar, an Omani provider of drone inspections and surveys, integrated with artificial intelligence.
According to a statement released by the FSA, Mr Al Mamari said that rapidly changing climate conditions underscore the need to shift from responding to disasters after they occur to anticipating risks, preparing for them and mitigating their impact. He stressed that adopting modern technologies has become a strategic imperative for enhancing institutional preparedness and strengthening the efficiency of risk management systems.
He added that the exceptional weather events experienced in the Sultanate of Oman in recent years have highlighted the need for more accurate tools to assess natural risks and greater reliance on modern technologies for data collection and analysis. Such technologies, he said, enhance the speed of response, improve the accuracy of damage assessments and support decision-making based on reliable and precise information.
Participants of the workshop included representatives of insurance companies and brokers, as well as a group of specialists and experts in advanced technologies and risk management.
The workshop reviewed the latest technologies and innovative solutions used in flood risk analysis to strengthen the insurance sector's readiness to utilise satellite and drone technologies for data collection, analysis and damage assessment. It also highlighted how these technologies can improve underwriting and insurance claims settlement, thereby enhancing the sector's efficiency and its ability to manage natural risks.
The workshop ended by reaffirming the significance of continuing to adopt modern technologies in developing the insurance sector and strengthening collaboration among insurers, regulators and technology providers.