Tuesday 10 / June / 2025
Muscat: Losses arising from Cyclone Mekunu, which ravaged the country in May, have led to insurance companies receiving claims of over OMR155 million, according to new data from the Capital Market Authority (CMA).
Figures obtained by the Times of Oman indicate that 20 insurance firms received 1,123 claims, as of the end of September.
Total losses stand at OMR155,218,221, comprising losses for reported claims worth OMR144,919,423 and expected losses for unreported claims worth OMR12,091,813. Property insurance claims were reported as the highest, at 570, with a total valuation of OMR93,687,849.
Engineering claims
Data also showed that engineering claims were the second most expensive, at OMR30,680,131. Other claims, such as damages, reached OMR18,063,207. Marine claims stood at 67, coming in fourth with OMR12,061,850, while vehicle claims stood at 261, estimated at OMR634,883.
Ahmed Al Mamari, Vice President of the insurance sector at CMA, had earlier told the Times of Oman, “Insurance companies in Oman have enough experience in dealing with losses caused by cyclones and natural disasters, especially after cyclones Gonu and Phet struck the country in 2007 and 2010.”
Claims have primarily been filed for property, vehicles, engineering, marine equipment and other damage. He further said that the insurance sector is playing a large role in fulfilling its commitment in supporting those who were affected by the cyclone.
Al Mamari confirmed that the CEO had called upon insurance companies to speed-up procedures to compensate those affected by the storm. “Insurance companies responded very well to the call of the CEO,” he added.
“Since the cyclone, more people have begun realising the importance of having insurance coverage,” he noted.
Cyclone Mekunu struck Oman in May, after weeks of build-up in the Indian Ocean. Mekunu reached its zenith at around 11pm on May 25, with wind gusts of 180kph, torrential rains, thunderstorms and eight-foot-high waves.
Oman’s National Committee for Civil Defence, which began its emergency plan two weeks ago, was credited with ensuring very few deaths in Oman.
However, roads had been damaged, some homes were flooded, and trees and telephone poles were toppled by the cyclone.
Officials noted that the restoration of services took only 192 hours.
Beginning May 27, authorities launched a coordinated response that fixed 100 per cent of the damaged roads, brought power back to 98 per cent of Dhofar, and restored 98 per cent of all communication within just eight days.
