Oman Insurance Company

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Oman Insurance Company (P.S.C.)
TypePublic
DFM: OIC
IndustryInsurance, reinsurance
Founded1975
HeadquartersDubai, United Arab Emirates
Key people
  • Abdul Aziz Abdullah Al Ghurair (Chairman)
  • Jean-Louis Laurent Josi (CEO)
ProductsLife, health, motor, property, casualty, liability, trade credit, marine and aviation insurance
Revenue▲ AED 3.35 billion (2019) [1]
▲ AED 190.5 million (2019)
Total assets▲ AED 7.2 billion (2019)
Total equity▲ 1.92 billion (2019)
Number of employees
650
Websitewww.omaninsurance.ae

Oman Insurance Company (P.S.C.) (Arabic: شركة عُمان للتأمين ش.م.ع) is a composite insurance company headquartered in Dubai, UAE that engages in insurance solutions for individuals and businesses in UAE, Oman and Turkey.[2] Established in 1975 with majority ownership by Mashreq Bank, Oman Insurance Company is one of the largest publicly listed[3] insurers in the country. Abdul Aziz Abdullah Al Ghurair is the chairman and Jean-Louis Laurent Josi is the CEO of Oman Insurance.[4]

Products[]

Oman Insurance Company provides Life, Medical, and General insurance covers including products such as Trade Credit insurance.[5] Insurance feature verticals including Healthcare, Motor, Property, Travel, Life, Engineering, Marine Hull, Aviation & Space, Energy, Marine Cargo, and Liability.

With its head office in Deira, Dubai, Oman Insurance has 11 branches in UAE along with 2 agency managed branches in Sharjah and Dubai.[6] The company currently employees over 650 staff, a network of agents, and works with international and local insurance brokers. The company also offers regional insurance products through its wholly owned subsidiaries in Oman and Turkey.[7] Oman Insurance was the first to offer STP (Straight Through Processing), real-time motor policy issuance to its UAE customers in 2020.[8]

Operations[]

OIC has operations across most Emirates in the United Arab Emirates, as well as in Oman, Qatar, and a subsidiary in Turkey (Dubai Starr Sigorta). OIC has over 750 employees. OIC uses 12 branches, a call center, an exclusive network of agents, international and local brokers, tenders and bancassurance.[9]

Partnerships[]

OIC has partnered with international insurers to strengthen its product offering.

Bupa[]

OIC partnered with Bupa in 2003. OIC acts as the exclusive insurer and local administrator in the UAE for Bupa's international health plans.[10]

Generali[]

Oman Insurance partnered with Generali Global Pension to give retirement insurance plans in 2019.[11] Oman Insurance is also a member of Generali's global network that offers multinational pooling and captive arrangements to multinationals. Oman Insurance also partnered with Generali in 2020 to offer home insurance solutions to high net-worth clients in the UAE. [12]

Coface[]

Coface is Oman Insurance's regional partner in UAE to sell credit insurance solutions.[13]

Ratings[]

With a gross written premium of AED 3.19 billion (2015) and assets reaching AED 6.2 billion, OIC financial strength is rated ‘A’ Excellent (Stable Outlook) by AM Best and ‘A-‘ (Stable Outlook) by Standard & Poor's.[citation needed]

Oman Insurance rating by credit rating agencies:

  • AM Best: ‘A’ credit rating with Outlook ‘Stable’ (2020)[14]
  • Moody’s: ‘A2 IFS’ rating with Outlook ‘Stable’ (2020)[15]
  • S&P: ‘A-’ with ‘Stable’ Outlook and capital adequacy above ‘AAA’ (2019)[16]


Awards[]

Oman Insurance Company (OIC) won two industry awards at the MENA IR Insurance Awards held in January 2016 in Dubai: The Best Commercial Lines Insurer of the year 2015 and The Most Innovative Insurer - Product[17][18][19]

Year of Award or Honor Name of Award or Honor Awarding Organization
2020 Overall Insurer of the Year[20] Mena Insurance Review 2020
2020 Motor Insurance Company of the Year List[21] Golden Shield Awards (InsureTek) 2020
2020 Customer Satisfaction and Happiness[22] Global Banking and Finance Awards 2020
2020 Best Insurance Company and Motor Insurance Company[23] Global Brand Awards 2020
2020 Insurance Company of the Year[24] Global 100 Publication
2020 Life Insurer and Digital Initiative of the Year[25] MIIA Awards 2020


References[]

  1. ^ http://tameen.ae/en/others/annual-report
  2. ^ https://www.omaninsurance.ae
  3. ^ https://www.dfm.ae/issuers/listed-securities/securities/company-profile-page?id=OIC
  4. ^ 3. https://www.meinsurancereview.com/News/View-NewsLetter-Article?id=60483&Type=MiddleEast#
  5. ^ http://www.coface.ae/About-Coface/About-Coface/Our-Partners2/Oman-Insurance-Company-OIC
  6. ^ https://www.omaninsurance.ae/Contact-Us
  7. ^ 6. https://www.nsinsurance.com/news/oman-insurance-company-completes-100-acquisition-of-dubai-starr-sigorta/
  8. ^ 7. https://www.meinsurancereview.com/News/View-NewsLetter-Article?id=73327&Type=MiddleEast
  9. ^ "Archived copy". Archived from the original on 2015-09-24. Retrieved 2017-07-01.CS1 maint: archived copy as title (link)
  10. ^ "Insurance plans from Oman Insurance & Bupa Global". uae-medical-insurance.com.
  11. ^ "Oman Insurance Company Partners Generali". 2020-12-06.
  12. ^ "Oman Insurance Company". ArabianBusiness.com. 2010-02-28.
  13. ^ "kernel (1) - Coface". www.coface.ae.
  14. ^ "Rating Oman Insurance Company by AM Best".
  15. ^ "Rating Oman Insurance Company by A2 IFS".
  16. ^ "Moodys assigns A2 IFS rating to Oman Insurance Company".
  17. ^ "Oman Insurance wins Middle East insurer of the year award". ArabianIndustry.com.
  18. ^ "Oman Insurance Company Wins UAE's Best Insurance Brand Award".
  19. ^ "Oman Insurance Company wins two awards at the MENA Insurance Awards 2015 - AMEInfo". ameinfo.com. Retrieved 2018-05-10.
  20. ^ "Oman Insurance wins Middle East Insurer of the Year".
  21. ^ "Motor Insurance Award".
  22. ^ "Global Banking and Finance Awards 2020".
  23. ^ "Motor Insurance Company Award". Global Brands Magazine.
  24. ^ "Insurance Company of the year Award". BNC Publishing.
  25. ^ "Life Insurer of the Year".
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