Losses arising from Cyclone Mekunu, which ravaged Oman in May 2018, have led to insurers receiving claims of over OMR155m ($403.1m), according to new data from the Capital Market Authority (CMA).
The cyclone hit Oman on 25 May, bringing with it torrential rain, gusts of up to 180 kph, eight-feet tall waves and flash floods.
Figures obtained by the national daily, Times of Oman, indicate that 20 insurers received 1,123 claims, as of the end of September.
Total losses comprise reported claims worth OMR144.9m and expected losses from unreported claims worth OMR12.1m. Property insurance claims, numbering 570, exceeded OMR93.7m.
The CMA data also showed that engineering claims stood at OMR30.7m. Other claims, such as damages, reached OMR18.1m. Marine claims stood at OMR12.1m, while vehicle claims were estimated at OMR0.6m.
Mr Ahmed Al Mamari, vice president of the insurance sector at CMA, told Times of Oman, “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.”
Claims have primarily been filed for property, vehicles, engineering, marine equipment and other damage. He added that the insurance sector is playing a large role in fulfilling its commitment to support those affected by the cyclone. M
OMR1 = $2.60