Oman Insurance Company

Oman Insurance Company(P.S.C.)

Type	Public Company(DFM: OIC)
Industry	Insurance , Reinsurance
Founded	1975
Headquarters	Dubai, United Arab Emirates
Key people	Abdul Aziz Abdullah Al Ghurair (Chairman of the board), Patrick Choffel (CEO)
Products	Life Insurance, Medical Insurance, General Insurance,
Website	www.tameen.ae

Oman Insurance Company(P.S.C.) (Arabic: شركة عُمان للتأمين (ش.م.ع)) is an insurance company in the UAE established in 1975 and is majority owned by Mashreq Bank, one of the UAE's leading financial institutions. Abdul Aziz Abdullah Al Ghurair is the chairman and Patrick Choffel is the CEO.

Products

OIC provides a range of insurance solutions for individuals and corporate clients in Life, Medical, and General insurance (Motor, Property, Engineering, Energy, Marine Hull, Marine Cargo, Liability, Aviation and Space). The company also offers Reinsurance capacity across lines of business.^[1]

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). The company also owns a medical third-party administrator (TPA) in Iraq which operates under the name of Support Management Services. OIC has over 750 employees.

OIC uses a multi-distribution channels to engage with its customers through 13 branches, a call center, an exclusive network of agents, international and local brokers, tenders and bancassurance. ^[2]

Partnerships

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

Bupa

OIC partnered with Bupa in 2003 and since then have built a relationship that leverages OIC’s local knowledge and capabilities as well as Bupa’s global expertise. OIC acts as the exclusive insurer and local administrator in the UAE for Bupa’s international health plans.^[3]

Generali

OIC is a member of Generali’s global network that offers multinational pooling and captive arrangements to multinationals who seek to manage their employee benefits risk.^[4]

Coface

OIC launched a partnership with Coface in 2014 to sell Credit Insurance in the UAE.Coface is a worldwide leader in Credit Insurance, with 70 years of experience and 37,000 clients worldwide.^[5]

Star Health

OIC and Star Health partnered to launch Parents Health and Family Health products in the UAE. These health insurance products are available to Non Resident Indians (NRI) in the UAE and provide medical coverage to their parents and families living in India.^[6]

Ratings

With a gross written premium of AED 2.9 billion (2013) and assets reaching AED 5 billion, OIC financial strength is rated ‘A’ Excellent (Stable Outlook)by AM Best and ‘A-‘ (Positive Outlook) by Standard & Poor’s.^[7]

Awards

Oman Insurance Company (OIC) won the Insurer of the Year Award - 2014 at the Bankers Middle East Industry Awards.^[8]