CMA Instructs  Insurance Companies to Take Specific Procedures to Speed up Settlement of Shaheen Claims

Cash Compensation in 14 days

Prompt Orders for Repair

ROP report not required to open the claim file

Within the national efforts to deal with the impact of the tropical cyclone Shaheen, the Capital Market Authority instructed the insurance companies to take specific procedures to ease and speed up the settlement of the claims of policyholders who incurred damage due to the tropical cyclone Shaheen in coordination with the Ministerial Committee for assessment of the damage caused by the cyclone.

The CMA called on the insurance companies to promptly settle the claims in the affected Wilayats in not more than 14 days for cash compensation from the date of assessment of the damage as well as increasing the staff attending to the assessment of damage and claims settlement as soon as possible, and to send repair orders in not more than 7 days from the date of the survey.

CMA instructed the insurance companies to open multiple channels through their offices and branches and employ modern technology to receive and decide in the claims to ensure swift compensation and flexibility including not asking for Royal Oman Police report to open claim files and not to charge any claim charges upfront but deduct them at the time of compensation.

Insurance companies are obliged to provide cover for the perils and losses incurred by policyholders as means for tackling the impact of the expected perils to protect their properties as per each insurance policy. The CMA emphasizes that the standard motor vehicles insurance policy covers natural calamities in the comprehensive insurance as basic benefit and as optional benefit in third party insurance policies.