Muscat: The Capital Market Authority (CMA) on Thursday issued a statement refuting social rumours about the increase in motor insurance rates.
The CMA said, after confirming with the Association of Insurance Companies, that there is no increase in the prices of comprehensive or a third party motor insurance.
“CMA confirms the notice issued by the Association of Insurance Companies, which denies this matter and the authority confirms that vehicle insurance prices are subject to the authority’s follow-up and review. It coordinates continuously with insurance companies in order to ensure better delivery, prices and services to all customers,” the agency said.
The authority indicates that it did not receive any notification from insurance companies requesting to change the comprehensive or third party vehicle insurance rates.