(MENAFN- Muscat Daily) This week's rain and resulting floods have not affected the vehicle insurance sector with companies saying that the number claims has been insignificant so far. Officials have attributed the low figures to efforts by meteorological department which has been issuing regular alerts on inclement weather conditions.
Nassir al Busaidi managing director Oman United Insurance said"Bearing in mind that the entire market is divided between 23 companies it's quite surprising that Oman United Insurance has got only two claims so far. We were expecting a deluge of claims. Of course there could be more in the coming days but I'm confident that the numbers will be low."
Busaidi said the timely warnings by authorities made people aware. "People are more aware nowadays and the government is doing a great job of warning people about likely storms and other similar weather conditions that cause damage." He added "Motorists who have opted for third party insurance however should take extra care."
Deepak Kamath country manager of AXA Insurance (Gulf) in Oman said "So far we've got very few cases of vehicle damage due to the recent rain and flooding. There are obviously going to be a few more claims but I believe motorists are cautious. We usually support our customers who come to us for claims regarding vehicle damage due to rain and floods but a significant majority of motorists opt for third party insurance as it's a legal obligation.
"Currently around 60 per cent of our customers have opted for third party insurance which doesn't cover storm tempest and flood damage." Krishna Murthi assistant general manager RMS echoed the sentiment.
"The number of claims this time is insignificant which is not to say we won't have more in the coming days. We used to register dozens of claims whenever there was rainfall in the past.
"I believe drivers no longer underestimate the damage these floods can cause. Also the authorities are successfully using media to caution people to stay away from places where they can get stuck. In the past hundreds of claims would be filed after rains."
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