16 April 2008
MUSCAT -- Vision Investment Company yesterday announced its entry into the Omani insurance sector with the launch of a joint venture Vision Insurance in line with the group's long-term strategy. With a capital base of RO 5 million, the company started operations by opening a network of three branches Al Ghubra, Sohar and Nizwa and another proposed branch at Seeb. Addressing a press conference, Ali Mohammed Juma Sultan, Chairman of Vision Insurance, said that the newly-formed company has the backing of reputed promoters and would focus on all lines of non-life insurance, group life and group medical.
The company plans to extend to individual life and medical in the near future. As a composite insurance company, Vision is licenced to offer both life and non-life products. The company's underwriting capacity is further enhanced by its treaty facilities supported by a strong panel of well-rated reinsurers. Highlighting on the company's strengths, he said the promoters have very strong insurance and investment management expertise. "We also have a strong panel of reinsurers," he noted.
Juma Sultan, who is also the Chief Executive Officer of Vision Investment, added that Vision Insurance has highly qualified and experienced team capable of delivering tailored solutions for varied insurance needs. The combined backing of a strong promoter group and leading reinsurers offer a high level of reliability, financial security and stability to the policyholders of the company. He said that the Sultanate's insurance industry, with a combined premium income of RO 140 million, has been growing at a rate of less than 10 per cent per annum. "As much as 45 per cent income is coming from vehicle insurance," he noted.
Vision Insurance will offer products and solutions that will best meet the requirements of the clients. Vision Insurance was promoted by Vision Investment Services in technical tie-up with the UAE-based Al Wathba National Insurance Company. Other Omani promoters are Shaikh Salim Said Hamed al Fannah al Araimi, Founder Chairman of Galfar Group, Tawoos LLC, Founder of Renaissance Services, Al Sharqiya Investment Holding, Maqbool Ali Salman and Hassan Ali Salman, who are promoters of Al Hassan Engineering Group.
MUSCAT -- Vision Investment Company yesterday announced its entry into the Omani insurance sector with the launch of a joint venture Vision Insurance in line with the group's long-term strategy. With a capital base of RO 5 million, the company started operations by opening a network of three branches Al Ghubra, Sohar and Nizwa and another proposed branch at Seeb. Addressing a press conference, Ali Mohammed Juma Sultan, Chairman of Vision Insurance, said that the newly-formed company has the backing of reputed promoters and would focus on all lines of non-life insurance, group life and group medical.
The company plans to extend to individual life and medical in the near future. As a composite insurance company, Vision is licenced to offer both life and non-life products. The company's underwriting capacity is further enhanced by its treaty facilities supported by a strong panel of well-rated reinsurers. Highlighting on the company's strengths, he said the promoters have very strong insurance and investment management expertise. "We also have a strong panel of reinsurers," he noted.
Juma Sultan, who is also the Chief Executive Officer of Vision Investment, added that Vision Insurance has highly qualified and experienced team capable of delivering tailored solutions for varied insurance needs. The combined backing of a strong promoter group and leading reinsurers offer a high level of reliability, financial security and stability to the policyholders of the company. He said that the Sultanate's insurance industry, with a combined premium income of RO 140 million, has been growing at a rate of less than 10 per cent per annum. "As much as 45 per cent income is coming from vehicle insurance," he noted.
Vision Insurance will offer products and solutions that will best meet the requirements of the clients. Vision Insurance was promoted by Vision Investment Services in technical tie-up with the UAE-based Al Wathba National Insurance Company. Other Omani promoters are Shaikh Salim Said Hamed al Fannah al Araimi, Founder Chairman of Galfar Group, Tawoos LLC, Founder of Renaissance Services, Al Sharqiya Investment Holding, Maqbool Ali Salman and Hassan Ali Salman, who are promoters of Al Hassan Engineering Group.
By Business Reporter
© Oman Daily Observer 2008
