(MENAFN- Muscat Daily) Muscat- Insurance companies in Oman have paid RO108mn for the damages caused by Cyclone Mekunu in the governorates of Dhofar and Al Wusta last May. The number of claims stood at 762, according to the latest data released by the Capital Market Authority (CMA).
The CMA statistics showed that property insurance took the largest share of gross indemnities at 61 per cent for 412 claims worth RO66mn. This was followed by engineering insurance which accounted for 31 per cent or RO33.4mn of total paid amount for 91 claims. The amount paid for motor vehicle claims came at RO679,000 for 206 claims.
The data showed that losses caused by Cyclone Mekunu relating to properties include homes insurance and other properties, which shows the importance of home insurance against the risks of natural calamities and fires.
Oman's insurance market was able to absorb greater risks of motor vehicle insurance by expanding the insurance cover of the comprehensive insurance policy to cover natural calamities after the experience of the Cyclone Gonu in 2007. An option is allowed for third party insurance to pay an additional premium to cover natural calamities, which resulted in better management for Cyclone Mekumu in Dhofar and Al Wusta.
The CMA held an emergency meeting with the managements of insurance companies immediately after the end of Cyclone Mekunu to discuss the facilities the companies would provide for their clients who suffered damages.
A circular was issued urging insurance companies and brokers to ease and facilitate compensation processes.
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