Insurance indices in the unaudited statement for the second quarter of 2021 showed a total number of traffic accidents at 15,200 divided into 3,000 major accidents and about 12,200 minor accidents with a 119 percent increase compared to the first quarter of the year. The data issued by the Capital Market Authority showed a considerable increase in the claims of traffic accidents at 24,900 claims increasing by 121 percent compared to the first quarter.
The data showed an increase in the total amount of compensations paid for the claims at RO 5.19 million a 189% increase while the total claims (paid claims and unsettled claims were RO 23.31 million increasing by 77% compared to the second quarter of 2020.
As to the number of claims recorded by insurance companies for traffic accidents the data shows the number of claims for minor traffic accidents with financial damage only has remarkably increased to 16,400 claims compared to 6,500 claims in the same period last year. This was accompanied by a huge increase in the compensations paid to redress the damager resulted from such claims. The total amount of compensations for minor accidents with only financial damage was about RO 2.18 million compared to RO 907,000 in the same period in 2020. 3,950 claims were recorded for major accidents with only financial damage and 3,340 claims for major accidents with injuries and medical treatment expenses. The number was 2,200 and 2,400 claims respectively.
Total compensations for major accidents with only financial damage were RO 1.52 million and the compensations for major accidents that resulted in injuries and medical treatment expenses were RO 1.31 million a huge increase compared to 2020 which recorded a total compensation amount for major accidents with only financial damage at only RO 531,000 and RO 267,000 for major accidents which resulted in injuries and medical treatment expenses.
The number of claims for major accidents that resulted in deaths was 183 claims with RO 187,000 paid as compensation. The number of major accidents that resulted in deaths in 2020 was 103 claims and RO 95,000 was paid in the same quarter of 2020.
CMA emphasizes that adherence to safety requirements and traffic instruction issued by Royal Oman Police are the best means for protection from major accidents and the resultant impact on lives and properties. The insurance service will only mitigate the financial damage, not the moral damage.