Muscat: The Capital Labor Market Authority (CMA) said it is the sole source for any information relating to the Omani insurance market.
Vehicle insurance prices are still at affordable levels despite the hike in prices of goods and services in various sectors.
"Even before the pandemic, vehicle insurance prices did not witness an increase, but have rather decreased in recent years."
CMA said that a letter circulated containing a directive to raise the price by one of the insurance companies was done without notifying the Capital Market Authority.
Capital Market Authority follows up on vehicle insurance prices of both parts and services and the procedure for raising the prices by any company requires providing convincing justifications.
Vehicle insurance prices with their minimum and maximum limits for each insurance company are published on the website of the Capital Market Authority, and the company is available to reduce or raise the insurance premium according to these limits.
CMA earlier on Thursday issued a statement refuting social media reports about the increase in vehicle insurance rates.
After confirming with Oman Insurance Association, CMA said that there has been no increase in the prices of comprehensive or third-party vehicle insurance.
"CMA confirms the notice issued by the Oman Insurance Association that vehicle insurance prices are subject to the authority's follow-up and review.
It coordinates continuously with insurance companies to ensure better delivery, prices, and services to all customers, the statement said.
The authority indicates that it did not receive any notification from insurance companies requesting to change the comprehensive or third-party vehicle insurance rates.
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