Muscat - Oman United Insurance Co (OUIC) has been named 'Oman Insurer of the Year' for 2013. The award was conferred by London-based MENAIR Insurance Review at a function organised in Dubai on Sunday.
The winner was selected on the basis of achieving a leading position in the country, its strong business model, wide network, effective marketing strategy and top-quality product offerings, setting it apart from its competitors, OUIC said in a disclosure to the MSM.
The key criteria used for evaluation were growth, market share, brand, range of products, corporate governance and leadership.
The premium turnover of the company has risen over 80 per cent in the period from 2009 to 2012 from RO20mn to RO36mn. Significantly, the growth has yielded consistent profits. In 2011, the company posted a net profit of RO1.1mn which jumped to RO2.6mn in 2012.
Standard and Poor's has revised its outlook for OUIC from 'stable' to 'positive.'
© Muscat Daily 2013
