Cyclone Shaheen: Insurance companies in Oman directed to expedite settlement of claims

Muscat: The Capital Market Authority has issued a circular directing insurance companies to take specific measures to facilitate and expedite the settlement of claims for those affected by cyclone Shaheen.

The Capital Market Authority (CMA) said in a statement “The authority issues a circular directing insurance companies to take specific measures to facilitate and expedite the settlement of claims for those affected by cyclone Shaheen.”

The measures are:

1- The duration of the process for monetary compensation is 14 days from the date of the inspection and assessment of the damage.

2- It is not required to provide a report from the Royal Oman Police to open the claim.

3- It is not required to pay the insurance deductible for insured vehicles and homes when submitting the application (it will be deducted later from the compensation value)

4- Strengthening the company with additional staff in the affected wilayats to assess damages and settle claims.

5- The orders to start repair operations will be within 7 days from the date of the inspection.

6- Open offices in the wilayats and harness modern technology to receive claims.