MUSCAT : Around 70% of vehicles insured in Oman are covered under third-party motor insurance, a factor that has driven recent regulatory changes to extend coverage for losses caused by natural disasters, according to the Financial Services Authority (FSA).
Customer service specialists at the FSA said that, prior to the amendments, third-party motor insurance policies did not include a natural disaster clause, leaving a large segment of motorists financially exposed during extreme weather events.
The authority noted that most vehicles impacted by recent climatic conditions were insured under third-party policies, reinforcing the need to address the gap in coverage affecting the majority of policyholders.
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The revised framework aims to enhance consumer protection, support financial and economic stability, and prevent individuals and companies from suffering additional losses linked to weather-related incidents.
The move comes as Oman faces increasing climate variability, with the regulator positioning the insurance sector as a key tool in improving resilience and safeguarding motorists against unforeseen natural risks.
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