| Oman Insurance Company P.S.C. ("Sukoon") | |
| Type: | Public |
| Location: | Dubai, United Arab Emirates |
| Foundation: | 1975 |
| Industry: | Insurance, reinsurance |
| Products: | Life, health, motor, property, casualty, liability, trade credit, marine and aviation insurance |
| Num Employees: | 650 |
| Revenue: | AED 3.54 billion (2021) [1] |
| Net Income: | AED 206.1 million (2021) |
| Assets: | AED 7.57 billion (2021) |
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]
In 1975, Oman Insurance was launched by Abdullah Al Ghurair.[5]
On 6 October 2022, Oman Insurance has rebranded to Sukoon.
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]
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]
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]
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 is Oman Insurance's regional partner in UAE to sell credit insurance.[14]