Established on July 24, 2004, Oman Qatar Insurance Company (OQIC) is a publicly listed company in Oman specializing in Life, Medical, and General Insurance. OQIC has a rich history of continuous development and growth, marked by a commitment to innovation, diversification, and responsible leadership.
OQIC's shares were listed on Muscat Stock Exchange since September 13, 2017, OQIC operates under the regulatory framework of the Capital Market Authority and adheres to Oman's 2015 Code of Corporate Governance for Publicly Listed Companies.
OQIC is a subsidiary of Qatar Insurance Company Q.S.P.C (QIC, QIC Group), a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 8 billion.
The vision of Oman Qatar Insurance Company is to be the leading people-enabler insurance company where technology provides fast, efficient, and personalized service through a strong team of empowered people. The mission entails providing fast, transparent, and reliable insurance solutions for everyone. The company highly esteems its employees, prioritizing qualities such as teamwork, responsibility, positive contributions, customer relationships, and in alignment with our core values of Responsiveness, Innovation, People, and Excellence.
OQIC offers diverse insurance solutions under its Commercial Insurance and Personal Insurance segments. The Commercial Insurance category covers areas such as Property, Engineering, Marine & Aviation, Liability, Energy, Workmen's Compensation and Life & Medical.
Under Personal Insurance, OQIC provides coverage for Car, Travel, Personal Accident, and Home Insurance. Car Insurance includes comprehensive coverage, third-party liability insurance, and various optional covers. Travel Insurance, known as Travelcare Plus, covers aspects like lost baggage, trip cancellations, and medical expenses. Personal Accident Insurance covers death, disablement, repatriation of mortal remains and medical expenses. Home Insurance includes coverage against fire and natural climate conditions in addition to contents and personal belongings.
OQIC's commitment to social responsibility is evident in its corporate social responsibility (CSR) activities. The company actively engages in initiatives that support charitable organizations, promote health and well-being, and contribute to environmental conservation.
The CEO, Hasan Yaseen Al Lawati, expresses gratitude for the trust placed in OQIC and acknowledges the support of stakeholders, government bodies, and the guidance of His Majesty Sultan Haitham Bin Tariq. The CEO emphasizes OQIC's dedication to achieving the goals outlined in Oman Vision 2040.
OQIC's milestones include its establishment in 2004, a successful initial public offering in 2017, and the completion of a merger with Vision Insurance in 2023. The company's financial performance reflects significant growth, with a 47% increase in Gross Written Premium as of September 2023.
Oman Qatar Insurance Company stands as a leading player in Oman's insurance sector, driven by a commitment to Responsiveness, Innovation, People, and Excellence. The company's strategic vision positions it for sustained success, in alignment with the goals of Oman Vision 2040.