MUSCAT: Oman’s Capital Market Authority (CMA) said vehicle insurance prices are still affordable despite the wave of price hikes in all goods and services in various sectors.
The statement from CMA comes a day after it confirmed that vehicle insurances prices have not been increased.
“Vehicle insurance prices were and are still affordable in light of the wave of price hikes in all goods and services in various sectors. You may have noticed that vehicle insurance prices did not witness an increase, but rather decreased in recent years, even before the pandemic, CMA said.
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CMA issued a statement after a letter from an insurance company went viral on social media that contained a directive to raise the vehicle insurance prices. However, CMA said “such procedures were carried out without notifying the authority.”
“We confirm that the Capital Market Authority follows up on vehicle insurance prices and that the procedure for raising the price from any company requires providing convincing justifications to the CMA.”
“The Capital Market Authority places the interest of policyholders among its priorities and always senses any decision or procedure by research and study before it is approved and the extent of its impact on the public in terms of service cost and quality,” CMA added.
Earlier on Thursday, CMA denied social media rumours and confirmed that there is no increase in the prices of comprehensive or third party vehicle insurance.
