Muscat: There has been an increase of seven per cent in the number of insurance claims resulting from traffic accidents for the third quarter of 2018, compared to the same period of 2017, said a report released by the Capital Market Authority (CMA)
At the same time, there has been a decrease of 35 per cent in total compensation released as per unaudited data for traffic accidents issued CMA.
The total number of claims recorded by insurance companies amounted to 27,600 accidents, while the total amount of compensation, including outstanding claims, paid by insurance companies amounted to more than RO52 million.
The indicators show that the amount of compensation paid and the claims (not yet settled for minor road accidents) (material damages only) amount to RO 16.7 million for 24,500 claims, representing 32 per cent of the total compensation paid and claims that have not yet been settled.
The number of compensation for serious traffic accidents (physical damages, injuries, medical expenses and death) is 68 per cent for a total of 8,323 claims.
The report said that the cost of physical damage resulting from traffic accidents (material damage) is about RO 18.5 million.
CMA has affirmed that compliance with the road safety requirements in line with the instructions of the Royal Oman Police (ROP) is the best way to avoid serious consequences of traffic accidents, including property damages and deaths. The insurance service can only alleviate the financial consequences.