MUSCAT: Claims for compensation arising out of damage inflicted by Tropical Cyclone Shaheen in October this year amount to RO 62.373 million to date, the Capital Market Authority (CMA) revealed here on Tuesday. More than 9800 claims have been received from the affected wilayats in the governorates of Muscat and North and South Al Batinah.
The great majority of claims received by insurers from holders of policies covering damaged vehicles, property, transportation services and other various insurance coverages, have been cleared, the Authority said. Claims worth RO 51.7 million are still under settlement, as reparation for these damages requires some time because they are houses, buildings and facilities, it said, adding that insurance companies have so far paid out RO 10.6 million to settle claims. The total size of insurance claims linked to Shaheen is estimated at RO 69 million.
As for the amount of compensation for each insurance product, the data indicates that claims against property amounts to RO 45.3 million. This covers homes, buildings, facilities and other properties. Motor claims come next with a compensation size of RO 8.9 million. Engineering insurance claims total RO 7.5 million to date. This covers insurance towards securing industrial sites, equipment and machines.
Muscat Governorate accounted for the largest number of claims (4,391), followed by the Governorate, particularly the Wilayat of Al Suwaiq (2,632 claims) and Wilayat of Al Khaboura (1,023 claims), while the rest were distributed among the wilayats of Suhar, Saham, Rustaq, Al Musanah and Barka.
