Phet cyclone is disrupting the July renewal

Insurers started to get the first claims reports following the passage of cyclone Phet on the Omani coasts last June 4. This claim has been milder than Gonu in June 2007. The tremendous floods have mainly affected road infrastructures and the car fleet. The first estimate of the economic losses caused by Phet amounts to 520 million USD, compared to 3.2 billions for the cyclone Gonu in 2007. The July reinsurance treaties' renewal has been affected by this disaster. Moreover, Phet  cyclone claimed the lives of 20 people .