RO 24.6 million paid out in motor insurance claims last year: CMA
Published: 05:04 PM,Apr 18,2023 | EDITED : 09:04 PM,Apr 18,2023
MUSCAT: The insurance indices of 2022, issued by the Capital Market Authority (CMA) in the Sultanate of Oman, showed that the number of accidents reached nearly 76,200 accidents, 15,300 of which are major accidents and 60,900 are minor accidents. It represents a 15.5 per cent increase over the previous year’s tally of 65,900 accidents.
Contrary to expectations, there was a fall in the indices for total paid compensations, which exceeded RO 24.6 million, a decrease by 12.6 per cent. Additionally, a decrease by 1.7 per cent was also seen in the total of compensations (both paid and not yet settled claims) that reached RO 84.7 million.
The indices for traffic accidents claims recorded by insurance accidents indicate that the number of claims for minor accidents with damages only rose relatively to 64,400; compared to last year where they were 62,000 accidents. In contrast, a decrease was seen in paid compensations for damages from RO 13.4 million in 2021 to RO 12 million only in 2022.
Additionally, while claims for major accidents with damages decreased, major accidents that caused bodily injuries and medical treatment costs rose to RO 12,400 and RO 12,600 respectively.
There was a fall in the paid compensations for such claims, as the total of major accidents compensations with damages decreased from RO 9.2 million in 2021 and RO 8.5 million in 2022. Paid compensations for major accidents that resulted in bodily injuries and medical treatment costs fell from RO 4.5 million last year to RO 4 million.
As for the number of major accidents claims that resulted in deaths, they also declined as they were 327 claims which caused a decline in paid compensations as well at only RO 45,000 compared to last year where the number of major accidents claims resulted in 444 claims with total compensations of RO 1.4 million.
Contrary to expectations, there was a fall in the indices for total paid compensations, which exceeded RO 24.6 million, a decrease by 12.6 per cent. Additionally, a decrease by 1.7 per cent was also seen in the total of compensations (both paid and not yet settled claims) that reached RO 84.7 million.
The indices for traffic accidents claims recorded by insurance accidents indicate that the number of claims for minor accidents with damages only rose relatively to 64,400; compared to last year where they were 62,000 accidents. In contrast, a decrease was seen in paid compensations for damages from RO 13.4 million in 2021 to RO 12 million only in 2022.
Additionally, while claims for major accidents with damages decreased, major accidents that caused bodily injuries and medical treatment costs rose to RO 12,400 and RO 12,600 respectively.
There was a fall in the paid compensations for such claims, as the total of major accidents compensations with damages decreased from RO 9.2 million in 2021 and RO 8.5 million in 2022. Paid compensations for major accidents that resulted in bodily injuries and medical treatment costs fell from RO 4.5 million last year to RO 4 million.
As for the number of major accidents claims that resulted in deaths, they also declined as they were 327 claims which caused a decline in paid compensations as well at only RO 45,000 compared to last year where the number of major accidents claims resulted in 444 claims with total compensations of RO 1.4 million.