Sukoon Insurance

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]

Oman Insurance Company P.S.C. ("Sukoon")
TypePublic
DFM: OIC
IndustryInsurance, reinsurance
Founded1975
HeadquartersDubai, United Arab Emirates
Key people
  • Abdul Aziz Abdullah Al Ghurair (Chairman)
  • Jean-Louis Laurent Josi (CEO)
ProductsLife, health, motor, property, casualty, liability, trade credit, marine and aviation insurance
RevenueIncrease AED 3.54 billion (2021) [1]
Increase AED 206.1 million (2021)
Total assetsIncrease AED 7.57 billion (2021)
Number of employees
650
Websitewww.sukoon.com

History

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

On 06 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

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

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]

Ratings

With a gross written premium of AED 3.19 billion (2015) and assets reaching AED 6.2 billion, OIC financial strength is rated ‘A’ Excellent (Stable Outlook) by AM Best and ‘A-‘ (Stable Outlook) by Standard & Poor's.

Oman Insurance rating by credit rating agencies:

  • AM Best: ‘A’ credit rating with Outlook ‘Stable’ (2020)[15]
  • Moody’s: ‘A2 IFS’ rating with Outlook ‘Stable’ (2020)[16]
  • S&P: ‘A’ with ‘Stable’ Outlook and capital adequacy above ‘AAA’ (2019)[17]

Awards

Oman Insurance Company (Sukoon) won two industry awards at the MENA IR Insurance Awards held in January 2016 in Dubai: The Best Commercial Lines Insurer of the year 2015 and The Most Innovative Insurer - Product[18][19][20]

Year of Award or HonorName of Award or HonorAwarding Organization
2020 Overall Insurer of the Year[21] Mena Insurance Review 2020
2020 Motor Insurance Company of the Year List[22] Golden Shield Awards (InsureTek) 2020
2020 Customer Satisfaction and Happiness[23] Global Banking and Finance Awards 2020
2020 Best Insurance Company and Motor Insurance Company[24] Global Brand Awards 2020
2020 Insurance Company of the Year[25] Global 100 Publication
2020 Life Insurer and Digital Initiative of the Year[26] MIIA Awards 2020

References
  1. http://tameen.ae/en/others/annual-report
  2. "Home". sukoon.com.
  3. "Company Profile Page".
  4. 3. https://gulfnews.com/business/banking/dubai-based-oman-insurance-has-gone-for-a-change-of-name---sukoon-1.1665119543832#
  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. 6. https://www.nsinsurance.com/news/oman-insurance-company-completes-100-acquisition-of-dubai-starr-sigorta/
  9. 7. https://www.meinsurancereview.com/News/View-NewsLetter-Article?id=73327&Type=MiddleEast
  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.
  15. "Rating Oman Insurance Company by AM Best" (Press release). 16 April 2020.
  16. "Rating Oman Insurance Company by A2 IFS".
  17. "Moodys assigns A2 IFS rating to Oman Insurance Company".
  18. "Oman Insurance wins Middle East insurer of the year award". ArabianIndustry.com.
  19. "Oman Insurance Company Wins UAE's Best Insurance Brand Award".
  20. "Oman Insurance Company wins two awards at the MENA Insurance Awards 2015 - AMEInfo". ameinfo.com. 11 February 2015. Retrieved 2018-05-10.
  21. "Oman Insurance wins Middle East Insurer of the Year" (Press release).
  22. "Motor Insurance Award".
  23. "Global Banking and Finance Awards 2020". 31 January 2020.
  24. "Motor Insurance Company Award". Global Brands Magazine. 6 June 2020.
  25. "Insurance Company of the year Award". BNC Publishing.
  26. "Life Insurer of the Year".
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