Cyclone Shaheen: Compensation paid exceeds OMR 24 million in Oman

Muscat: The total compensation paid by the Sultanate of Oman's insurance companies due to Cyclone Shaheen exceeded OMR 24 million in the first six months of 2022, an official at Capital Market Authority (CMA) said.

Abdullah Al Salmi, Executive President of CMA said in the seminar on Climate-risk Supervision and Protection Gaps: ”CMA is keen to improve the quality of insurance products and services and inventing new products. Such products are expected to contribute to managing the risks of natural calamities and mitigating their impact."

Al Salmi confirmed that the compensation paid by insurance companies due to cyclone Shaheen amounted to approximately OMR 24.7 million until the second quarter of 2022, and OMR 24.9 million is under settlement.