Data issued by the Financial Services Authority (FSA) for the year 2024 showed that insurance companies recorded about 75.2 thousand traffic accidents, 18,552 of which were classified as serious accidents, while the number of minor accidents exceeded 56.6 thousand accidents.  The data shows a slight decrease in the number of accidents by 0.041% compared to 2023, in which 75.1 thousand traffic accidents were recorded.

The data also shows a decrease in the total value of paid compensation by 6.3% at about RO 21.1 million compared to RO 22.5 million in 2023. The number of insurance claims also decreased to about 76.5 thousand claims compared to 79.8 thousand claims in the previous year a decrease of 4.1%.

Insurance claims were distributed between minor traffic accidents with more than 56 thousand claims with a total compensations amounting to about RO 9.5 million a 6% decrease compared to the previous year in which about 59.7 thousand claims were reported with total compensations amounting to about RO 10.9 million.

As for serious accidents that resulted in material damage only, the claims were 9,866 with compensation value exceeding RO 7.5 million an increase of 5.8%

Claims for serious accidents accompanied by injuries and treatment expenses exceeded 10,000 claims with compensations amounting to about RO 3.5 million a decrease of 12.9%. As for serious accidents that resulted in deaths, they increased by 2.3% in the value of compensations which amounted to about RO 542 thousand.

The FSA emphasized that adherence to traffic safety procedures and instructions issued by the Royal Oman Police embodies the most important factor in reducing human and financial  losses resulting from accidents. The FSA also stressed that the insurance industry contributes effectively to alleviating financial burdens, but it cannot compensate for moral and psychological losses, especially in serious accidents that result in injuries or deaths.