Monday 28, May 2018 by Jessica Combes

Insurance firms urged to ease claims processing after Cyclone Mekunu

 

CMA asks insurance companies to ease claims processing for Mekunu damage

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, saying that 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, the Times of Oman reported.

The meeting considered various proposals to ease claims procedures for clients whose properties were damaged in the cyclone which 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.

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