Total Compensation for Damage Caused by Al Mateer Depression RO 20 million

 

North Al Batihan topped the list in number of claims

 

The volume of compensations for the damage cause by Al Mateer Depression to policyholders RO 20.4 million as per the the weekly data received by the Financial Services Authority until June 9, 2024.

 

FSA said the insurance companies processed all the reported claims due to the Al Mateer depression pointing out that RO 18.7 are still pending settlement as the same needs time for being related to homes and facilities while the paid compensations were RO 1.600 million until the date of the report.

 

The number of claims approved by insurers was 3,139 claims related to various insurance products in the governorates of Muscat, North and South Al Batinah, Al Dakhliyah, North and South Al Sharqiyah, Al Buraimi, Al Dhahira and Al Wusta. On the other hand, 98 claims were rejected after consideration and technical and legal reviews. The largest number of claims was recorded in North Al Batinah Governorate at 1450 claims followed by Muscat Governorate at 551 claims then North Al Sharqiyah at 426 claims.

 

As to the volume of compensations for each insurance product properties insurance was the largest with compensations at RO 16 million which represents homes, buildings and facilities and other properties followed by engineering insurance at more than RO 3 million then motor insurance at RO 1.249. The numbers reflect the role played by the insurance sector in risk management for individuals and institutions as protection and safety tool.

 

The FSA had held meetings with chief executive officers of insurance companies to discuss the damage caused by the Al Mateer depression and agreed on the methods to be applied to facilitate claims acceptance and processing and urged the insurers to take their humanitarian role to support those who incurred damage.

 

FSA also issued circulars and held meetings with claims managers of insurance companies to urge them to highlight the role of insurance companies to boost the confidence of the public as well as accelerating and facilitating the procedures in recording and processing the claims and to send representatives to the impacted Wilayats to communicate with policyholders and render the required service as soon as possible. FSA continues to monitor and follow up the performance of insurance companies through weekly reports on the claims related to Al Mateer depression.