Insurance companies operating in Oman recorded a sharp year-on-year increase in the number of motor insurance claims during the second quarter of this year.
The statistics released by the Capital Market Authority (CMA) showed a 119 per cent rise in number of traffic accidents at 15,200 in the second quarter of 2021 compared to the same period of 2020 when fewer road accidents were recorded due to strict lockdowns that cut the amount of traffic and accidents.
The CMA data showed a sharp increase in claims of traffic accidents at 24,900 claims, increasing by 121 per cent compared to the first quarter of 2020. Total amount of compensations paid for claims jumped by 189 per cent to RO5.19mn in the second quarter.
In a statement, the CMA emphasised that adherence to safety requirements and traffic instructions issued by Royal Oman Police are the best means for protection from major accidents and the resultant impact on the lives and properties.
‘The insurance service will only mitigate the financial damage not the moral damage,’ it added.