Oman Re achieved Gross Written Premium of OMR 15.1 million at 30 June 2018 (H1 2017: OMR 7.5 million).
The Company reported a combined ratio of 102.7% for the period (H1 2017: 106.9%). Overall, Company profits rose year-on-year to OMR 136.5 thousand from a loss of OMR 9.6 thousand at the end of June 2017, with improved investment results counteracting the underwriting loss for the period.
Commenting on the first half results for 2018, Chief Executive Officer Romel Tabaja said, “Despite a higher frequency of large claims compared to the prior year period, including those related to Cyclone Mekunu, we are able to report a profitable performance for the period”.
He continued by saying “Our strategy of diversification is working; the Middle East region is still the largest contributor to our portfolio, however, we now have more premium coming from other regions especially from Asia. Furthermore, our profitability is reflective of our stronger foundations and the further embedding of risk controls into all our activities”
Oman Re employees benefitted from a Team Building training session conducted by Hassan Trad, Group HR Manager Learning & Development, Trust Re. The aim of the session was to improve employees’ abilities to lead and manage teams in ways that enhance project success and organizational effectiveness.
The training also imparted to the employees a sense of self-reflection and a better understanding of their colleagues. The objectives were creating successful team dynamics, developing skills that enhance communication and trust, aligning team members to achieve shared goals so they can effectively plan, communicate and deliver Oman Re’s strategic objectives.
9 July 2018
A delegation from Oman Re participated in the recent 32nd General Arab Insurance Forum (GAIF) conference.
Held under the high patronage of His Excellency the President of the Republic of Tunisia, in Yasmine Hammamet between 24th and 27th June 2018, the conference was held under the theme "Digital transformation and the Insurance Industry in the Arab World". Several sessions throughout the conference, led by distinguished speakers, were delivered with the aim of examining how the insurance and reinsurance industry must engage in the digital revolution in order to better serve its clients and to ensure its own sustainability.
Also during the conference, the delegation of Oman Re held many meetings with Business Partners from various countries to discuss various matters of interest.
15th April 2018, Muscat
Oman Re held its Annual General Meeting on 28th March 2018 in Muscat, Sultanate of Oman. At the AGM, the Board of Directors report and the Corporate Governance report of the company, for the financial year ended 31st December 2017, were approved. The Auditor’s report and Financial statements, and related party transactions, for the financial year ended 31st December 2017, were also approved at the AGM.
Moreover, the sitting fees of the Board and sub-committees were ratified, and the fees for the financial year to end 31st December 2018 were fixed. PWC was appointed as statutory auditor for the financial year ending 2018 and their fees were fixed.
Attendees included representatives of the shareholders, Chairman of the Board of Directors, legal advisors, external auditors and the Company’s management.
Notes to editors:
About Oman Re:
Oman Re, rated B+ by A.M. Best, is the first reinsurance company to be established in Oman with the purpose of writing Facultative and Treaty business from local and international markets, which include all Afro-Asian countries, and it writes marine and non-marine lines of business. Oman Re was incorporated in July 2009 in the Sultanate of Oman with a paid-up capital of OMR 5,000,000. Capital was gradually increased to OMR 30,000,000. Trust International Insurance and Reinsurance Company B.S.C. (c) Trust Re, is the strategic partner of Oman Re.
23 May 2018
In the first quarter ending 31 March 2018, Oman Re achieved Gross Written Premium of OMR 9.6 million, up 68.4% compared to the same period in the prior year (Q1 2017: OMR 5.7 million).
Profits for the period increased considerably to reach OMR 233.2k (Q1 2017: OMR 14.1k). The combined ratio of the Company has improved by 15.3 percentage points to stand at 94.8% at the end of Q1 2018 (Q1 2017: 110.1%). The loss ratio reduced by 8.3 percentage points; the expense and commission ratios reduced by 4.4 and 2.4 percentage points respectively, compared to Q1 2017.
Commenting on the first quarter results for 2018, Chief Executive Officer Romel Tabaja said, "Despite a negative claims environment and continuously challenging market conditions, we are proud to report a profitable and improved performance for the quarter".
He added, "Oman Re remains committed to providing trusted reinsurance solutions for its partners. Our results show that our underwriting strategy, which focuses on portfolio diversification and efficiency, is working. The success of the Company’s investment strategy is also apparent with non-technical income contributing significantly to the bottom line".
9th January 2018, Muscat
Following the official unveiling of agriculture insurance in the Sultanate of Oman in October 2017, Oman Re is pleased to announce the launch of the related policies.
Broadly speaking, two types of coverage will be available namely Cost of production insurance (to compensate farmers' production costs) and Market price insurance (to compensate farmers’ production expenses and profit margins). The whole scheme will be implemented in three phases to include insurance of vegetable and greenhouses, securing livestock and poultry insurance, and insurance of date palms and honey bees.
The initiative is the result of the commitment of a working group comprising the Ministry of Agriculture and Fisheries (MOAF), the Oman Chamber of Commerce and Industry (OCCI), the Capital Market Authority (CMA), the Oman Development Bank (ODB), National Life & General Insurance, Dhofar Insurance, Al Madina Takaful, Arabia Falcon Insurance and Oman Re.
Aware of the growing importance of agriculture to the Omani economy and the threat posed by natural hazards and agricultural pests, the working group was tasked with studying the introduction of insurance policies for the agricultural sector to provide a safe and encouraging investment environment.
In recent years, modern technology combined with improved farming practices, has led to greater production of various crops, especially fruit and vegetables, in the Sultanate. Additionally, Oman increasingly considers itself to be self-sufficient in agricultural production as well as being a leading exporter of agricultural produce to other Gulf countries.
Commenting on the recent development, Chief Executive Officer of Oman Re, Romel Tabaja said "We are honoured to have been part of the working group to introduce agriculture insurance to Oman. Adding value to the Omani economy by safeguarding farmers and their production perfectly matches our mission whereby we are committed to providing innovative and responsive solutions that meet our stakeholders' needs of today and goals of tomorrow".
In 2018, Oman Re started to write "Events Cancellation" insurance from GCC and Lebanon countries only.
Our target is small and medium size events with sum insured up to $900,000 (OMR 350,000) per declaration.
Larger Events are also welcomed
The following Classes of Coverage can be offered: Cancellation, Non-Appearance, Adverse Weather, Contingent Terrorism.
For more details about our Risk Appetite, Underwriting Limits, Applicable Wordings & Exclusions, please download to our Event Cancellation flyer: Download
4th October 2017
As part of its strategy to further engage with its stakeholders, Oman Re is pleased to recently have held a seminar for its business partners in Muscat. Around 18 participants from insurance companies based in Oman, took part in the "Treaty Workshop" held on 27th and 28th September 2017 at the Radisson Blu Hotel in Muscat.
Professionals from various levels within the insurance companies were in attendance at the seminar which began with an introductory presentation of Oman Re delivered by Khaled Nouiri, Chief Operating Officer. Following this were presentations about Proportional and Non-Proportional Treaty reinsurance given by Zohaib Arshad, Senior Underwriter – Treaty. The presentations aimed to familiarize all the participants with the basic Reinsurance Treaty concepts which were practically used in the next full day session on the live workshop tool. Participants were given the opportunity to test their knowledge by taking part in a workshop challenge and group presentations. The two days concluded with a certificate distribution ceremony officiated by Khaled Nouiri.
In organising the Business Partners’ Seminar, the company was keen to contribute to the growth and strengthening of the Omani insurance and reinsurance sector. It follows similar initiatives of the Company held earlier in 2017, all of which have been geared towards promoting and expanding informed participation in the insurance and reinsurance market.
On this occasion Khaled Nouiri, Chief Operating Officer of Oman Re, remarked "Following our Enterprise Risk Management seminar held in April and the September launch of our Accelerated Insurance Development programme, this Treaty Workshop marks a further step towards knowledge sharing with the local market". He continued "Such efforts are in line with our mission whereby we are committed to providing innovative and responsive solutions that meet our stakeholders’ needs of today and goals of tomorrow".
24th September 2017
Oman Re today announced the successful initiation of the first phase of its Accelerated Insurance Development programme. Approximately 20 participants, comprising local employees from the Oman Re team, current clients of the Company and members of the Ministry of Finance in the Sultanate, took part in the "Introduction to Insurance" course held between 17th and 20th September 2017 at Oman Re's office premises. Run by the Foundation for Insurance and Finance Education under the supervision of Mr. Hussain Al Ajmi, the "Introduction to Insurance" course is the first of five courses (the others being Underwriting Principles and Practice, Claims Principles and Practice, Motor Insurance and Reinsurance) to be held between now and April 2018. Upon completion of each course, candidates will sit an exam in order to obtain the programme certification. Mr. Al Ajmi is very well known in the region for his vast experience and credentials within the regional insurance education and training domain. Oman Re is fully committed to education and knowledge sharing within the Omani insurance and reinsurance markets. The extension of the training programme to include partners, current clients and members of the Ministry of Finance, is an integral part of Oman Re's business strategy to further engage with its stakeholders and has been so ever since the strategic shift of the Company in 2016. On this occasion Romel Tabaja, Chief Executive Officer of Oman Re, said "We are pleased to launch the Accelerated Insurance Development programme. With participation from our own team, as well as clients and the Ministry of Finance, we are making excellent progress through education and training towards the growth and strengthening of the insurance and reinsurance sector in Oman".
30th August 2017
Oman Re is pleased to announce that A.M. Best has assigned it a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-“. The outlook for both ratings is stable. Please click here to view the official news release.
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