Cyclone Shaheen in Oman: 162 million USD of insured losses

Cyclone Shaheen omanIn October 2021, cyclone Shaheen hit Oman hard causing significant material damages. The disaster, with heavy rains and strong winds, caused the death of at least 11 people while 6 others are missing.

According to the Oman Capital Market Authority (CMA), the Sultanate's insurers have received 9 800 claims for a total of 62.373 million OMR (162 million USD).

Until now, 17% of the claims, that is 10.6 million OMR (27.45 million USD) of the total incurred losses have been settled by the Omani insurers. The remaining 51.7 million OMR (133.922 million USD) are still being processed.

The majority of the claims 45.3 million OMR (117,344 million USD) relate to property damage (houses, buildings, facilities and other properties).

The CMA also estimates that the cost of insured losses caused by Cyclone Shaheen is expected to reach 69 million OMR (179 million USD) in the upcoming days.

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