Oman Insurance Company posts 11% premium growth in 2016

Posted on Feb 19, 2017

Oman Insurance Company announces its 2016 financial results, reflecting AED 3.56 billion in gross premium written - an increase of 11% from last year.

As one of the leading insurers in the region, Oman Insurance Company has repeatedly demonstrated a tenacity to grow, despite the obstacles presented by a slowing economy, volatile oil prices or a market overwhelmed with excess capacity.

Much of this success is attributed to a revived focus on core underwriting strategies, enhanced operational efficiencies and improved customer service. A disciplined underwriting philosophy increased technical underwriting profits from AED 30.3 million in 2015 to AED 105.9 million in 2016, by improved performance of the medical book, growth in selected motor classes and optimization of the commercial portfolio. Additionally, Oman Insurance continues to maintain a strong financial risk profile, with favourable capital adequacy that continues to support the company’s ongoing business initiatives.

Commenting on the results, Christos Adamantiadis, Chief Executive Officer of Oman Insurance Company said "The growth achieved in the past year endorses various business initiatives that were rolled out. These programs worked towards digital transformations in service delivery, stronger implementation of data-based actuarial and underwriting practices and refined corporate governance. We look forward to these programs gathering momentum in 2017 and the profound advantages it will bring our clients and partners."

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