To Tackle the Aftermath of the Tropical Condition Shaheen, CMA Instructs Insurance Companies to Facilitate and Speed up settlement of Claims and Constitute a team to assess the losses

Within the national efforts to address the impact of the tropical condition, the Capital Market Authority continued holding meeting with the officers of insurance companies with the attendance of HE Sheikh Abdullah Salim Al Salmi, Executive President of the CMA in coordination with the Ministerial Committee tasked with assessing the damage incurred to citizens’ properties in the various Governorates which were directly affected by the landfall of the tropical condition to provide  all forms of support and assistance to mitigate the gravity of such impacts as soon as possible.

The meeting emphasized the role of insurance companies in the management of the damage and losses caused by the tropical condition on the individuals and institutions as the insurance sector provides security against extreme disadvantage and misfortune  for individuals and institution who are policyholders as the sector would cover the losses caused by the natural calamities. The meeting also emphasized that  all the resources will be deployed to facilitate and speed up settlement of the claims of insurance policyholders in the Wilayats affected by the tropical cyclone Shaheen whether home insurance policies or motor vehicles insurance policies or other policies as per the type of the insurance cover. The motor comprehensive insurance policy covers natural calamities and the third party insurance policy covers natural calamities in case the policyholder adds this service to the insurance as optional benefit when concluding the insurance contract.

To this end, the 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 for those who incurred damage.

On the other hand, the meeting urged the insurance companies to exercise their social responsibilities and support the local communities through the customers who incurred damage due to the tropical cyclone Shaheen and this is the suitable time for all private sector companies to support the community. Thus, a team was constituted comprising representatives from the CMA and the insurance companies to assess the damage and collect data on the policyholders who incurred damage to assess and evaluate the situation.