CMA Discuss with Insurance Companies Easing Claims Processing for  Clients who Incurred Damage from Mekunu

HE Sheikh Abdullah Salim Al Samli, Executive President of the Capital Market Authority  held an emergency meeting with the insurance companies yesterday to discussed the importance of easing compensation processes  of  the clients who incurred damage from Mekunu Cyclone in Dhofar Governorate.

HE Al Salmi emphasized the  role of the insurance sector in mitigating the impact of the cyclone in the Governorate of Dhofar and the losses the individuals and institutions have incurred to provide for safe investment environment.

He said the role of the insurance sector is complementary to the role of the various government  entities to manage the expected risks and to mitigate the consequences on the community, individuals and institutions.

The meeting  discussed a number of  proposals with the aim of easing the procedures for the clients whose properties were damaged due to the cyclone. HE pointed out to extending work hours in the branches of insurance companies  in the Governorate of Dhorar to avail  bigger opportunities to the customers to contact the insurance companies and give more powers to the branches to take appropriate decision  without  going back to the main office. He urged the companies with no branches in Dhofar to  form work teams to go there and process the claims.

For further easing of the processes the meeting discussed designating one point of business for such companies who have no branches in Dhofar to  process the claims and CMA would coordinate such efforts by creating temporary premises for such companies.

Category  two tropical cyclone hit Dhofar during the period 25-26 May 2017 which resulted in torrential rains, wadi flooding and increase of sea waves to 5-6 meters which caused  damage to individuals and institutions