Hamdah Saeed Al Shamsi

Acting General Manager, Public Authority for Social Insurance (PASI)

PASI is a social insurance organization established in 1992 as a part of a government initiative to diversify the economy and encourage the Omani youth to work in the private sector. We currently cover around 231,000 Omanis working in the private as well as informal sector, which includes self-employed individuals and Omanis working abroad. We started the extension of coverage geographically, meaning that we initially began in Oman and then moved abroad. The extension was also vertical in the sense that we kept adding social risks to cover. We started with old age and disabilities back in 1992, but a few years later we established a second scheme, which involves occupational diseases and work injuries. The last phase includes self-employed individuals. Since we're facing the biggest youth bulge in our history, the country faces a challenge in creating jobs for this generation. This is one reason why the government wants to push younger generations toward entrepreneurship and setting up SMEs.


P.R. Ramakrishnan

CEO, Vision Insurance

At the macro level, we split our own horizon between personal lines, projects, and corporate insurance solutions. Since 2012, the Omani insurance market has grown at around 6.8% CAGR, and in the same period Vision Insurance has grown by around 12.5%, so we are growing faster than the market. This was achieved through Vision's differentiation from competitors and will be sustained. In any insurance company, the suite of products and services is similar; everybody talks about the same thing. However, Vision tries to differentiate itself in the way it packages those solutions and projects its competence to customer solutions for specific needs. This has translated into Vision creating its own capacities for certain segments, giving the company an edge over competitors.


Lloyd East

Regional CEO, Al Ahlia Insurance- RSA Group

This is a market we have been in for over 50 years, so its importance cannot be understated. We have been consistently profitable, work closely with regulators, and have seen every risk in Oman that one can see. We have played an important role in the country's progress and have every intention to continue to do so whilst growing a franchise in the Middle East and Oman. Capital requirements are increasing, and one can foresee greater sophistication in terms of future solvency regimes being considered by regulators. For insurers, there are undoubtedly opportunities to increase pricing adequacy and techniques, along with the space for a more active risk management approach to operate as a partnership between risk carriers and clients seeking to manage costs and protect their businesses.


S. Venkatachalam

CEO, National Life & General Insurance Company

We have the highest growth rate of any insurance company in Oman. Our shareholder, Ominvest, is strong and with its capital we have been able to reach our growth goals organically without resorting to mergers. Recently, we acquired a Third-Party Administrator in UAE, which is a strategic investment that will benefit the company in the long term with our own claims processing capability for better customer service and improve profitability by having more control on claims management. There might be acquisitions in the future, but for now the company is well capitalized and growing. That being said, it is not only a matter of capitalization; our growth comes from innovation, not only in technology but also in our portfolio, as we are constantly introducing new products. We have a firm understanding of the market and know what our customers and the industry want. We also aim for a perfect balance in pricing that does not overcharge but allows us to remain profitable.


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