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Insured losses from Oman’s cyclone Mekunu reach $403m

2nd January 2019 - Author: Charlie Wood

Insurance claims resulting from cyclone Mekunu, the most intense tropical cyclone to make landfall in the Arabian Peninsula in recorded history, currently stands at $403.7 million, according to new data by Oman’s Capital Market Authority (CMA).

cyclone-mekunuMekunu caused widespread flooding and wind damage as it tracked over Oman in late May, killing seven people.

The CMA has said claims related primarily to property, vehicles, engineering, marine equipment, and other damages.

A total of twenty insurance companies in the country have received 1,123 claims, with property claims accounting for half the total value at $243 million.

Engineering claims were the second most expensive, at over $79 million.

Ahmed Al Mamari, Vice President of the insurance sector at the CMA, had previously told the Times of Oman: “Insurance companies in Oman have enough experience in dealing with losses caused by cyclones and natural disasters, especially after cyclones Gonu and Phet struck the country in 2007 and 2010 respectively.”

Al Mamari added that the insurance sector was fulfilling its commitments to those affected by the cyclone, but echoed the Chief Executive Officer’s (CEO) calls for companies to speed up the compensation procedures.

This announcement follows a report from A.M. Best, which urged countries in the Gulf Cooperation Council (GCC), such as Oman, to put greater focus on enterprise risk management (ERM) strategies following the impact of Cyclone Mekunu and other recent natural catastrophes in the region.

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