News Middle East03 Jun 2020

Oman:Regulator looks into setting up disaster insurance fund

03 Jun 2020

The Capital Market Authority (CMA) is considering the establishment of a disaster insurance fund to compensate for losses that are not covered by currently available insurance products.

Shaikh Abdullah Salim al Salmi, CMA executive president, in a statement, stated that there has been a succession of natural disasters impacting the Sultanate in recent years, most notably the ongoing COVID-19 pandemic as well as the tropical storm that hit Dhofar Governorate over the weekend.

The proposed disaster insurance fund would cover risks including epidemics like COVID-19 as well as provide compensation to these who suffer losses in adverse weather events, reported Oman Observer.

He also commended the role played by insurance companies in demonstrating solidarity with the community and the local economy as the country deals with the effects of the coronavirus pandemic.

A number of insurance companies, he said, have contributed to the healthcare (Waqf) fund which currently provides services in the current circumstances. He praised the initiative taken by insurance companies to cover the costs of medical tests and treatment of insured individuals who are infected with the coronavirus, thus helping supplement the efforts of the Supreme Committee, while also responding positively to the appeal of the Authority, in mitigating the cost burden on the government.

Mr Al Salmi also lauded insurance companies for their efforts in rolling out remote services, as well as online channels, to enable the provision of insurance services to the general public during the lockdown period.

The audited financial statements of insurance companies, he said, show they enjoy good financial solvency which enables them to deal with crises and to discharge their obligations toward policyholders.


 

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