Monopoly of insurance companies

Ahmed Al Falahi wrote an article on 23 Dec 2008 at the Oman Daily, an Arabic newspaper, about how insurance companies in different Welayats (regions) rip off the Omani citizens because of no supervision from higher authorities.

He gave a four wheel drive with 4300 cc with third party insurance, as an example may cost OMR 300 at one company and same specification and facility it will cost OMR 70 in other company.

He said as per my understanding, the lack of competition in the regions comparing to Muscat region and neighbouring regions, which has high competitions and multi options suits everyone‘s needs. The greedy insurance companies at other regions manipulate and set the fees as they please.

Can the regulatory authority do anything about it? Or do we encourage the new Intilaaqah participants to go towards setting up new insurance companies, which lacks competitions to kill monopoly and blood suckers?

Bits and Bytes

• No immigration visa to USA for Khat consumers in Yemen. Must have three years minimum of free of Khat out of the body system, with periodic medical test as a proof.