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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]
 | |
| Company type | Public |
|---|---|
| DFM: OIC | |
| Industry | Insurance, reinsurance |
| Founded | 1975 |
| Headquarters | Dubai, United Arab Emirates |
Key people | |
| Products | Life, health, motor, property, casualty, liability, trade credit, marine and aviation insurance |
| Revenue |  AED 3.54 billion (2021) [1] |
| AED 206.1 million (2021) | |
| Total assets | AED 7.57 billion (2021) |
Number of employees | 650 |
| Website | www |
History edit
In 1975, Oman Insurance was launched by Abdullah Al Ghurair.[5]
On 6 October 2022, Oman Insurance has rebranded to Sukoon.[5]
Products edit
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 edit
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 edit
Bupa edit
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 edit
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 edit
Coface is Oman Insurance's regional partner in UAE to sell credit insurance.[14]
References edit
- ^ http://tameen.ae/en/others/annual-report [bare URL PDF]
- ^ "Home". sukoon.com.
- ^ "Company Profile Page".
- ^ 3. https://gulfnews.com/business/banking/dubai-based-oman-insurance-has-gone-for-a-change-of-name---sukoon-1.1665119543832#
- ^ a b Ahmed, Zubina (2022-10-07). "Oman Insurance unveils new corporate logo, rebrands as Sukoon". Retrieved 2022-10-17.
- ^ "Oman Insurance Company (OIC) / Our Partners / About Coface / About Coface - Coface".
- ^ "Contact Us - Oman Insurance Company".
- ^ 6. https://www.nsinsurance.com/news/oman-insurance-company-completes-100-acquisition-of-dubai-starr-sigorta/
- ^ 7. https://www.meinsurancereview.com/News/View-NewsLetter-Article?id=73327&Type=MiddleEast
- ^ "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.
- ^ "Insurance plans from Oman Insurance & Bupa Global". uae-medical-insurance.com.
- ^ "Oman Insurance Company Partners Generali". 2020-12-06.
- ^ "Oman Insurance Company". ArabianBusiness.com. 2010-02-28.
- ^ "kernel (1) - Coface". www.coface.ae.