Insurance companies in Oman recorded about 75,200 traffic accidents, 18,552 of which were classified as serious accidents, while the number of minor accidents exceeded 56,600 accidents, according to data released by the Financial Services Authority (FSA).
The data shows a slight decrease in the number of accidents by 0.04% compared to 2023, in which 75,100 traffic accidents were recorded.
The data also shows a decrease of 6.3% in the total value of paid compensation to OMR 21.1m ($54.9m) in 2024, compared to OMR22.5m in 2023. The number of insurance claims totalled about 76,500 in 2024 compared to 79,800 in the previous year, a decrease of 4.1%.
Insurance claims arising from minor traffic accidents exceeded 56,000 with total compensation amounting to about OMR9.5m in 2024, a 6% decrease compared to 2023, when there were about 9,700 claims with total compensation amounting to about OMR10.9m.
Serious accidents that resulted in material damage only saw 9,866 claims with a compensation value exceeding OMR7.5m in 2024, a year-on-year increase of 5.8%.
Claims for serious accidents resulting in injuries and requiring medical treatment exceeded 10,000 with compensation amounting to about OR3.5m, a decrease of 12.9%. Claims for serious accidents that resulted in deaths increased by 2.3% in the value of compensation, which amounted to about OMR0.54m.
The FSA emphasises that adherence to traffic safety procedures and instructions is the most important factor in reducing human and financial losses resulting from accidents. The FSA also stresses 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 injury or death.