Insurance Companies Records 37, 000 Traffic Accidents and 41,000 Claims at the value of RO 11.7 Million in First Half of 2023

The insurance indices of the unaudited statements of first half of 2023, issued by the Capital Market Authority in the Sultanate of Oman, showed that number of traffic accidents exceeded 37,000 accidents, 7763 of which are major accidents and 29,600 are minor accidents, a slight decrease by 1.7% compared to the same period last year.

The data also indicates a decrease in the total amount of compensations paid by 15% as they exceeded RO 11.7 million compared to RO 13.9 million in the first half of 2022.  Claims reached 41,000 compared to 44,000 in the previous year.  Paid compensations for minor accidents reached RO 5.7 million for 30,000 claims, a fall by 19%.  Additionally, claims for major accidents with damages only amounted to 5000 at the value of RO 3.7 million. As for claims for major accidents that caused bodily injuries and medical treatment costs, they decreased by 5% at 5600 claims and their compensations exceeded RO 2 million.   Paid compensations for major accidents that resulted in deaths reached RO 275,000 for 191 claims; an increase by 18% compared to first half of last year.

CMA emphasizes that adherence to safety requirements and traffic instruction issued by Royal Oman Police are the best means for protection from major accidents and the resultant impact on the lives and properties. The insurance service will only mitigate the financial damage not the moral damage.