Insurance firms urged to ease claims processing

Muscat: An emergency meeting was held by Sheikh Abdullah Salim Al Samli, Executive President of the Capital Market Authority (CMA), with insurance companies on easing compensation processes for clients who incurred damage when Cyclone Mekunu hit Dhofar Governorate.
Al Salmi emphasised the role of the insurance sector in mitigating the impact of the cyclone and the losses individuals and institutions incurred, to create a safe investment environment.
The role of the insurance sector was complementary to the role of the various government entities in managing the expected risks and mitigating the consequences for the community, individuals and institutions, he said.
The meeting considered various proposals to ease claims procedures for clients whose properties were damaged in the cyclone. These included extending work hours in the branches of insurance companies in the Governorate of Dhofar and giving branches more powers to take decisions without going back to the main office.
He also urged the companies with no branches in Dhofar to form work teams to go there and process the claims. The meeting discussed designating one point of business for such companies to process the claims. CMA would create temporary premises for such companies.
Mekunu hit Dhofar during May 25-26, resulting in torrential rain, wadi flooding and an increase in sea waves to five-six metres, which caused damage to individuals and institutions.