Oman: 4 Sep rainfall costs insurers more than US$9 mln

Source: Middle East Insurance Review | Dec 2015

A two-hour rainfall on 4 September this year wreaked destruction in Oman, resulting in insurers paying claims exceeding OMR3.6 million (US$9.4 million), according to data issued by the Capital Market Authority (CMA).

The report also revealed that engineering insurance claims accounted for the bulk of compensation payouts, exceeding OMR2 million or 59% of the total insured loss. Vehicle insurance – both comprehensive and third party – came in second at OMR1 million or 22% of the total loss.

The heavy rainfall damaged vehicles, property, roads and machines used for executing a number of government and private projects, reported the Times of Oman. Most of the vehicle losses were due to carelessness, said an industry executive.

“From our experience, we found that several claims could have been avoided if proper attention was given,” Mr Philip K Philip, CEO of Muscat Insurance Company and Muscat Life Assurance Company, told the Times of Oman.

OMR1 = US$2.60

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