Insured losses from Cyclone Mekunu, which hit Oman in May 2018, have reached OMR108m ($280.9m), according to new data from the Capital Market Authority (CMA).
The data obtained by Times of Oman show that 20 insurance firms received 762 claims until the beginning of July. The total losses of at least OMR108.1m comprised losses for reported claims as well as expected losses for unreported claims.
Claims were made for property, vehicles, engineering, marine equipment and other damages.
A single company reported a loss of OMR55.4m, while the lowest amount of loss stood at OMR34,500.
Mr Ahmed Al Mamari, vice president of the insurance sector at the CMA said, “Insurance companies in Oman have enough experience in dealing with losses caused by cyclones and natural disasters, especially after Cyclones Gonu and Phet struck the country in 2007 and 2010, respectively.”
Since the cyclone, more people have begun realising the importance of having insurance coverage.
Mr Hussein bin Hathieth Al Bat’hari, head of the Oman Chamber of Commerce and Industry in Dhofar said, “After the cyclone, awareness about insurance increased significantly, and we received many calls from citizens asking about insurance and how to benefit from it.”
As a result of the devastation caused by Mekunu, the chamber of commerce office in Dhofar opened its doors to accommodate insurers.
“The Chamber allowed the affected insurance companies to open offices for free in the Chamber building so that they could work and limit the damages and compensate the affected people,” Mr Al Bat’hari added.
Mekunu dumped three years’ worth of rainfall in one day on Oman. It was the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, causing widespread flooding and wind damage. M
OMR1 = $2.60