Vision Investment enters insurance sector
Published: 04/05/2008 5:25 am
The insurance sector in Oman, which has witnessed an upswing in recent times, saw the entry of another player last month. Vision Investment Company has announced its entry into the Omani insurance sector with the launch of a joint venture – Vision Insurance
The insurance sector in Oman, which has witnessed an upswing in recent times, saw the entry of another player last month. Vision Investment Company has announced its entry into the Omani insurance sector with the launch of a joint venture - Vision Insurance. Starting with a capital base of RO5mn, the company started operations by setting up three branches at Ghubra, Sohar and Nizwa.
Ali Mohammed Juma Sultan, chairman of Vision Insurance, says the newly formed company has the backing of reputed promoters and to begin with will focus on all lines of non-life insurance, group life and group medical. Sultan points out that Vision Insurance derives its strength from a highly qualified and experienced team, capable of delivering tailored solutions for different insurance needs. The combined backing of a strong promoter group and leading reinsurers will offer a high degree of financial security to prospective policy holders.
Asked why the company is not offering individual life and medical insurance, Sultan assured that Vision Insurance definitely has plans to extend its services to these areas in the near future. As a composite insurance company, Vision is licensed to offer both life and non-life products.
Transparency, adherence to best practices and professional service with a personal touch are the core elements of Vision's corporate philosophy. Its underwriting capacity is enhanced by treaty facilities supported by a panel of well-rated reinsurers. Highlighting the company's strengths, the chairman said the promoters of Vision have very strong insurance and investment management expertise.
Vision Insurance was created out of a tie-up between Vision Investment Services and 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, Al Sharqiya Investment Holding, Maqbool Ali Salman and Hassan Ali Salman, promoters of Al Hassan Engineering Group.