Middle East - Oman: March floods cost insurers at least US$15 mln - CMA
Source: Middle East Insurance Review | May 2016
Insurance companies will have to pay out nearly OMR5.9 million (US$15.3 million) in compensation as a result of the heavy rainfall in Oman in early March this year, according to data from the Capital Market Authority (CMA).
Mr Ahmed Al Mamari, Director General of Insurance Supervision at the CMA, told the Times of Oman that the figure was from the 22 insurers operating in Oman.
He said that claims received for damage to properties amounted to OMR1.58 million, engineering losses hit OMR3.18 million, damage to vehicles was OMR935,662, transportation damages reached OMR33,750, and claims on fire incidents reached OMR161,770. No death claims were reported during the period.
OMR1 = US$2.60