Shaheen: CMA urges fast claims settlement
The meeting emphasised the role of insurance companies in the management of the damage and losses caused by the tropical condition on the individuals and institutions as the insurance sector provides security against sever impact for ipolicyholders as the sector would cover the losses caused by the natural calamities. The meeting also emphasised that all the resources will be deployed to facilitate and speed up settlement of the claims of insurance policyholders in the Wilayats affected by the tropical cyclone Shaheen whether home insurance policies or motor vehicles insurance policies or other policies as per the type of the insurance cover. The motor comprehensive insurance policy covers natural calamities and the third party insurance policy covers natural calamities in case the policyholder adds this service to the insurance as optional benefit when concluding the insurance contract.
The CMA instructed the insurance companies to open multiple channels through their offices and branches and employ modern technology to receive and decide in the claims to ensure swift compensation for those who incurred damage. The regulator has also instructed the insurance companies to open multiple channels through their offices and branches and employ modern technology to receive and decide in the claims to ensure swift compensation and flexibility including not asking for Royal Oman Police report to open claim files and not to charge any claim charges upfront but deduct them at the time of compensation.
On the other hand, the meeting urged the insurance companies to exercise their social responsibilities and support the local communities through the customers who incurred damage due to the tropical cyclone Shaheen and this is the suitable time for all private sector companies to support the community. Thus, a team was constituted comprising representatives from the CMA and the insurance companies to assess the damage and collect data on the policyholders who incurred damage to assess and evaluate the situation.
