7pc jump in motor insurance claims in Q3

Business Reporter –
Muscat, JAN 1 –

Motor insurance claims linked to traffic accidents spiked 7 per cent during the third quarter of 2018 versus corresponding figures for 2017, the Capital Market Authority (CMA) said, while noting however that compensation payouts fell 35 per cent during the period.
Insurance companies registered claims related to around 27,600 traffic accidents in Q3 2018, which resulted in insurance payouts totalling RO 52 million for the period , while the total amount of compensation paid and the claims that have not yet been settled by the insurance companies are more than RO 52 million. Of this number, around 24,500 claims pertained to minor accidents, involving material damage only, for which the insurance claim amount totaled RO 16.7 million — representing 32 per cent of the total payout for the quarter.
The balance 8,323 claims, stemming from serious traffic accidents (involving major physical damage, injuries, medical expenses, and in some cases, death as well) received 68 per cent of the total payout. RO 18.5 million was paid for material damage alone.