Muscat: The Capital Labor Market Authority (CMA) mentioned it’s the sole supply for any data referring to the Omani insurance coverage market.
Automobile insurance coverage costs are nonetheless at inexpensive ranges regardless of the hike in costs of products and providers in varied sectors.
“Even earlier than the pandemic, automobile insurance coverage costs didn’t witness a rise, however have reasonably decreased in recent times.”
CMA mentioned {that a} letter circulated containing a directive to lift the worth by one of many insurance coverage corporations was finished with out notifying the Capital Market Authority.
Capital Market Authority follows up on automobile insurance coverage costs of each elements and providers and the process for elevating the costs by any firm requires offering convincing justifications.
Automobile insurance coverage costs with their minimal and most limits for every insurance coverage firm are revealed on the web site of the Capital Market Authority, and the corporate is offered to cut back or increase the insurance coverage premium in accordance with these limits.
CMA earlier on Thursday issued a press release refuting social media reviews concerning the improve in automobile insurance coverage charges.
After confirming with Oman Insurance coverage Affiliation, CMA mentioned that there was no improve within the costs of complete or third-party automobile insurance coverage.
“CMA confirms the discover issued by the Oman Insurance coverage Affiliation that automobile insurance coverage costs are topic to the authority’s follow-up and evaluation.
It coordinates repeatedly with insurance coverage corporations to make sure higher supply, costs, and providers to all clients, the assertion mentioned.
The authority signifies that it didn’t obtain any notification from insurance coverage corporations requesting to alter the excellent or third-party automobile insurance coverage charges.
