Page 49 - Insurance Times June 2023

processes in Organizations. The people in Oman are open Mandatory health insurance is likely to play a pivotal
to changes and new ideas. I would say that working ina cross- role in the sector's turnaround. The Omani government,
cultural environment always gives you a sense of satisfaction in July last year, announced compulsory health insurance
and you feel more global. Your learning curve moves upward, (Dhamani scheme) for all employees (including
and you open up yourself for new initiatives, thought dependents) working in the private sector, as well as
processes and look at things with different perspectives. for inbound tourists.
Better claim management and steadily higher
S. G. Fazal Biya Bani: Any other developments you
investment income to drive earnings. Post-challenging
would like to share?
FY21, the sector is likely to witness a steady recovery
Vikaus Siingh (GM of KRIS): I would like to put a few
in earnings with the loss ratio likely to normalize
developments which are currently happening and likely to
happen in near future - gradually near its pre-pandemic year on efficient claim
management, and decent investment income on
The Oman Insurance market has one of the lowest
penetration rates (GWP/GDP: ~1.9%), with significant prudent investment boo.
upside potential, driven by the structural reforms,
growing population, and likely improvement in S. G. Fazal Biya Bani: In your view, what is the role of
disposable income for locals due to Omanization. an insurance broker?
Further, rising awareness about the importance of Vikaus Siingh (GM of KRIS): In short, I can describe the role
insurance in the aftermath of COVID-19, and the of an insurance broker as under :
growing digitalization of insurance products would drive "Collaborate with clients to introduce them to befitting risk
the penetration higher. management strategies."

Insurance co has to pay accident victim even if driver's licence

has expired: HC
An insurance company is liable to pay compensation to the accident victim's kin even if the driving licence of the
offending vehicle's driver has expired and not renewed, as an expired licence would not make him an unskilled driver,
the Bombay high court has said.

The court was hearing a petition filed by the family members of the deceased woman challenging an order passed by
the Motor Accidents Claims Tribunal exonerating the insurance company from paying compensation as the driving
licence of the driver of the offending vehicle had expired.

The woman, Asha Baviskar, was travelling towards Hadapsar in Pune in November 2011 and was riding pillion on the
motorcycle when a truck rammed into it at high speed. Baviskar fell under the truck and died.

The bench in its order noted that the deceased died after the truck rammed into her scooter and at the time of the
incident the truck was insured with the insurance company. Hence there was a contractual liability of the insurance
company to indemnify the compensation, the court added.

"Driving licence of the driver of the offending vehicle was not renewed at the time of the accident. It does not mean
that he was not a skilled driver," the HC said.

It added that it is a well-settled principle of law that if the driver of the offending vehicle was not holding an effective
and valid driving licence at the time of the incident, the insurance company has to pay compensation first and later
recover it from the owner of the vehicle.

44 June 2023 The Insurance Times