Muscat: Two tropical cyclones in three years and a high rate of traffic accidents in Oman have made insurance imperative in the country, according to Mustafa O. Vazayil, Vice Chairman of Gargash and Trade Links Insurance Services.

The Dubai-based company Saturday launched their insurance intermediary in Oman in a joint venture with Omani Trade Links Services, and Vazayil sees potential in the Oman market.

"The market here is maturing and it is the right time to make a foray," he told Gulf News.

Dr J. Retnakumar, CCEO, Gargash and Trade Links Insurance Services, pointed out that the two natural disasters have had an impact on the insurance business in Oman.

"The reinsurers are putting lots of new terms and conditions and following increased claims after cyclones here the cost of reinsurance has definitely gone up," he added.

At the same time, he added, awareness about insurance has also gone up in Oman after people incurred losses from the cyclones. "The awareness has increased," he said.

Awareness

He pointed out that during Cyclone Gonu in 2007, many motorists were caught unaware as they didn't have STF (storms, tempests and floods) included in their policy.

As a professional brokerage, Retnakumar promised to guide consumers well and make them aware of their rights, from taking out insurance to completing the claim. "We want to raise the level of brokerage firms in Oman," he said.

"Get proper advice, and choose the right insurance you need and then, be prepared for anything," he urged consumers.

Gargash is a conglomerate, having a presence in various sectors such as automobiles, real estate, financial services and the like.

Trade Links, established in 1981, is a prestigious business group in Oman. The two groups have joined hands to set up a brand new company dealing in insurance brokerage.

"Being the first professional insurance intermediary in Oman, Gargash aims to serve to advise the customer on the most suitable and favourable insurance policy coverage and terms offered by various insurance companies," Retnakumar said.

Gargash and Trade Links will offer insurance services, including medical and life, motor, property, IT, fire and travel.