FSA Directs Insurance Companies to Speed up Settlement of Claims related to “Al Mateer Depression”

As part of supporting the efforts made to contain the effects of the recent weather condition, “Al Mateer Depression” that resulted in damages in the properties of citizens and residents, the Financial Services Authority (FSA) urged insurance companies to streamline the procedures of filing claims and speed up the process of handling such claims, as means to mitigate the damages.  The FSA emphasized the importance of settling the claims in the governorates effected by the recent weather condition and make double the efforts through increasing the number of human cadres in those areas.  The FSA also clarified that there is no need for requesting damage proof reports from the Royal Oman Police except where fraud is suspected, to speed up the processes of claim settlement, compensation and repairing damages. 

The FSA also directed the companies to establish a separate record in their systems, under the name Al Mateer Depression, to determine the size of damages and compensations related to this weather condition.  The companies shall report the FSA with the statistics in a weekly basis for three months from the date of issuance of the circular.

The insurance sector provides protection for policyholders, whether individuals or institutions, as insurance companies are committed to meet their obligations to cover risks and damages incurred by the policyholders.  This helps in facing the expected risks and provides an insurance coverage for property’s protection, in accordance with the insurance policies of each insurance product.