Sukoon Insurance

Oman Insurance Company P.S.C. ("Sukoon")

Company type	Public
Traded as	DFM: OIC
Industry	Insurance, reinsurance
Founded	1975; 50 years ago (1975)
Headquarters	Dubai, United Arab Emirates
Key people	Abdul Aziz Abdullah Al Ghurair (Chairman) Jean-Louis Laurent Josi (CEO)
Products	Life, health, motor, property, casualty, liability, trade credit, marine and aviation insurance
Revenue	AED 3.54 billion (2021) [1]
Net income	AED 206.1 million (2021)
Total assets	AED 7.57 billion (2021)
Number of employees	650
Website	www.sukoon.com

Sukoon Insurance previously known as Oman Insurance Company (Arabic: شركة عُمان للتأمين "سكون" ش.م.ع) is a composite insurance company headquartered in Dubai, UAE that sells insurance for individuals and businesses in UAE and Oman.[2] Established in 1975 with majority ownership by Mashreq Bank, Sukoon 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 Sukoon.[4]

History

In 1975, Oman Insurance was launched by Abdullah Al Ghurair.[5]

On 6 October 2022, Oman Insurance has rebranded to Sukoon.[5]

Products

Oman Insurance Company provides Life, Medical, and General insurance covers including products such as Trade Credit insurance.[6] 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.[7] 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.[8] Oman Insurance was the first to offer STP (Straight Through Processing), real-time motor policy issuance to its UAE customers in 2020.[9]

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.[10]

Partnerships

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.[11]

Generali

Oman Insurance partnered with Generali Global Pension to give retirement insurance plans in 2019.[12] 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 to high net-worth clients in the UAE.[13]

Coface

Coface is Oman Insurance's regional partner in UAE to sell credit insurance.[14]

References

1. "- Sukoon Insurance". www.sukoon.com.
2. "Home". sukoon.com.
3. "Company Profile Page".
4. "Dubai-based Oman Insurance has gone for a change of name - 'Sukoon'". gulfnews.com. 2022-10-07. Retrieved 2024-05-23.
5. Ahmed, Zubina (2022-10-07). "Oman Insurance unveils new corporate logo, rebrands as Sukoon". Retrieved 2022-10-17.
6. "Oman Insurance Company (OIC) / Our Partners / About Coface / About Coface - Coface".
7. "Contact Us - Oman Insurance Company".
8. "Oman Insurance Company completes 100% acquisition of Dubai Starr Sigorta". NS Insurance. 2020-07-30. Retrieved 2024-05-23.
9. "UAE: Oman Insurance cuts motor claim processing time by 50%". Middle East Insurance Review. Retrieved 2024-05-23.
10. "A.M. Best Affirms Ratings of Oman Insurance Company P.S.C. | Reuters". Reuters. Archived from the original on 2015-09-24. Retrieved 2017-07-01.
11. "Insurance plans from Oman Insurance & Bupa Global". uae-medical-insurance.com.
12. "Oman Insurance Company Partners Generali". 2020-12-06.
13. "Oman Insurance Company". ArabianBusiness.com. 2010-02-28.
14. "kernel (1) - Coface". www.coface.ae.

External links

• Official website