The net impact from accumulation of all claims from Dhofar due to damages caused by Cyclone Mekunu is not expected to exceed RO100,000, Vision Insurance said in its MSM filing on Wednesday.
A statement from the company said, “We have received some initial notification of claims in respect of damages caused by Cyclone Mekunu to property, in particular, buildings, contents and projects located in areas caught under flooding in Salalah and other locations within the Governorates of Dhofar and Wusta region. Clear details of the extent of loss are awaited from the claimants and hence a quantification of the loss cannot be presently determined. Competent independent loss adjusting firms have been appointed for survey and adjustment of the losses and their preliminary reports recommending loss reserves are awaited. The management of Vision Insurance confirms that the company is adequately protected against these losses through well-structured reinsurance arrangements supported by panel of strong reinsurers with excellent financial rating. The net impact to Vision from accumulation of all such claims is not expected to exceed RO 100,000.”