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Oman Insurance reinforces market leadership with robust strategy
In a major step towards its strategy to further reinforce its market leadership, Oman Insurance Company PSC - The Market Leader in the insurance industry of the region - has announced robust geographical strategic plans.
November 23, 2009 12:00 by Aarti Nagraj
In a major step towards its strategy to further reinforce its market leadership, Oman Insurance Company PSC – The Market Leader in the insurance industry of the region – has announced robust geographical strategic plans.
The company, which has carved a niche for itself with its diversified products and services, has reiterated its expansion strategy with its robust economic performance and launch of tailored products for discerning customers in the region.
Oman Insurance also announced that the world’s top credit rating agency A.M. Best Co. has affirmed its Ratings ‘A’ (Excellent) – a reflection of the strength and quality of the company’s wide array of products and services as it looks to further expand its geographical presence.
OIC has posted 8% revenue growth for the nine-month period ended 30th September 2009, compared to the same period of the previous year. The technical profits have increased by 6% over the previous year and stood at AED 227 million for the current period.
The total assets of the company stood at AED 5.15 billion as on 30th September 2009 as against AED 4.95 billion at year-end 2008. The impressive results reinforce the company’s ability to adapt to challenging economic climate and at the same time maintain its leadership in the insurance sector.
H.E. Matar Humaid Al Tayer, Chairman of Oman Insurance Company, said: “Oman Insurance Company has achieved impressive growth over the years, which confirms our solid fundamentals and effective growth strategy. Our future expansion plans, coupled with the launch of customized products, are aimed at reinforcing our leadership in the regional insurance sector.”
Mr. Abdul Muttalib Mustafa Al Jaidi, Chief Executive Officer of Oman Insurance Company, said: “Oman Insurance Company is aggressively moving ahead on its growth plans – our strategy will continue to focus on delivering optimum customer satisfaction in line with our strategic growth and expansion. We have always believed in striking a right balance between growth and capital utilization in the best interests of policyholders and all stakeholders. We will continue to unveil innovative products and services to please our dear customers and insure their comfort.”
He added: “Our financial performance and achievement are attributed to our dedicated and experienced team who are constantly outdoing themselves.”
Oman Insurance also recently announced the launch of its endowment plans – Spectra & Spectra Plus, uniquely designed to meet the changing needs of the customers, in which plans offer customers short payment periods with long-term benefits.
The plans offer global life insurance coverage and global payout. Amongst the unique features of the products are inclusion of all sorts of conceivable riders namely, Accident Benefit Rider, Accidental dismemberment rider, Accident indemnity benefits rider, Waiver of premium rider, Payer’s benefit rider and Critical illness rider covering 40 major diseases - highest ever in the region.
Oman Insurance reinforced its commitment to boost Emiratisation in the company by establishing a dedicated unit, with the appointment of Ms Latifa Salem Juma Al Suwaidi as the Manager. Ms. Latifa holds over 7 years of work experience across the Retail, Government and Banking Industries. A strong team player with good training, human resources and communication skills. Her credentials give confidence in her success to achieve the objectives
The company has implemented the first phase of its regional expansion plans -- with branches in
About Oman Insurance Company
Oman Insurance Company (OIC) is one of the premier insurance companies in the UAE with 10 branches including the Head Office and an established presence in each Emirate. It has also started its operations in
Established in 1975, the Company has never looked back and achieved a premium turnover of Dhs 1.51 Billion in 2007. The company has announced a net profit of Dhs334m for the period ended September 30, 2008, against a net profit of Dhs218m in the same period last year, representing a growth of 53%. Rated as A Excellent by A.M. Best and supported by leading Reinsurers like Swiss Re, Munich Re, Allianz and Arig. OIC underwrites all types of risks in General, Life & Health insurance and goes that extra mile to tailor make special covers.
Oman Insurance continues to maintain the leadership position in the UAE. Winner of several awards and certification, Oman Insurance Company won the Mohammed Bin Rashid Al Maktoum Business Award In 2007 in Finance Category. The company provides insurance coverage to some of the biggest players in