Oman - Ins. losses of cyclone Mekunu reach $281mn
Thursday, 08 09 2018, Category: Nature, Country: Oman
New data from Oman’s Capital Market Authority (CMA) shows that insured losses from Cyclone Mekunu, which hit the country in May 2018, have reached OMR 108 million (USD 281 million), according to the Times of Oman.
Cyclone Mekunu was the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, causing widespread flooding and wind damage as it tracked over Oman in late May, killing seven people
The CMA revealed that 20 re/insurance firms had received a total of 762 claims at the beginning of July, comprising OMR 101,455,109 of losses for reported claims and OMR 5,676,944 of expected losses for unreported claims.
Claims related primarily to property, vehicles, engineering, marine equipment, and other damages, the CMA said.
Ahmed Al Mamari, Vice President of the insurance sector at the CMA, told the Times of Oman: “Insurance companies in Oman have enough experience in dealing with losses caused by cyclones and natural disasters, especially after cyclones Gonu and Phet struck the country in 2007 and 2010 respectively.”
Al Mamari added that the insurance sector was fulfilling its commitments to those affected by the cyclone, but echoed the Chief Executive Officer’s (CEO) calls for companies to speed up the compensation procedures.