Oman United Insurance

What Oman United Insurance does

Oman United Insurance Company SAOG (OUIC) is a publicly listed Omani insurer founded in 1988 and headquartered in Ruwi, Muscat, operating under ticker OUIC on the Muscat Stock Exchange. The company underwrites both general insurance (motor, property, marine, engineering, liability, travel, personal accident) and life and medical insurance, serving individual consumers, corporate clients, and households employing domestic workers through its Himaya product. It is the only insurer in the Sultanate rated by S&P, holding a BBB rating with stable outlook since 2008 (upgraded to BBB in July 2013, reaffirmed in 2016 and 2018), with the rating structured to remain adequate even under an Oman sovereign default scenario.

The company's distribution architecture is hybrid: a head office in Muscat, nine branches across Oman (Barka, Suwaiq, Sohar, Buraimi, Salalah, Nizwa, Ibri, Ibra, Sur), a company-owned auto service center in Ghala, Muscat, a 24/7 toll-free call center (800 4444 5), an online purchase portal (online.omanutd.com), and an agent/agency network. Products are quoted and billed on annual or pay-as-you-go subscription cycles, with revenue derived primarily from insurance premiums across retail and corporate lines plus ancillary auto repair services. The company maintains a 30+ product portfolio spanning Motor (private and commercial, third-party and comprehensive), Travel (package and medical-expense variants), Individual Life, Himaya, Home, Personal Accident, Jet Ski, Boat/Yacht, Fire & Allied Perils, Marine, Property, Contractors' All Risk, Erection All Risk, Workmen Compensation, Group Personal Accident, Group Medical, Group Life, Group Credit Life, Machinery Breakdown, Electronic Equipment, Contractor's Plant & Machinery, Professional Indemnity, Fidelity Guarantee, Public Liability, and Business Travel.

The business model is conventional insurance underwriting: collect premiums, invest float, pay claims, and earn underwriting-plus-investment margin. Operational service levels are quantified — claim reimbursements within 14 working days for 90% of cases, ID cards within 4 working days, pre-authorization within 30 minutes for 90% of elective treatments — and the company has invested in IT modernization to improve turnaround time and accuracy. The company is led by CEO R. Muthukumar (with OUIC since 1991), CME Sayyid Nassir bin Salim Al Busaidi (since 1997), and COO N. Sivakumar (since 2011), reflecting unusually long tenure in a regional insurance market.

Name

Oman United Insurance

Legal name

Oman United Insurance Company S.A.O.G.

Website

https://omanutd.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Oman United Insurance Company SAOG is a publicly listed Omani insurer underwriting general, life, and medical insurance for individual consumers, corporate clients, and households with domestic workers, distributed through 10 branches, an online portal, a call center, and agents across Oman.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Insurance Carriers (5241), Direct Property and Casualty Insurance Carriers (524126), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Commercial Auto & Fleet Insurance (FSAJAMAB)

akta.pro secondary industries

Group Travel & Corporate Travel Accident Insurance (FSAJAJAK), Commercial Auto for Specialty Vehicles (Tow Trucks, Limousines, Dump Trucks, etc.) (FSAJABAG), Baggage & Personal Effects Insurance (FSAJAJAE)

Keywords

• General insurance services
• Life insurance products
• Motor insurance coverage
• Medical insurance plans
• Corporate insurance solutions

Headquarters

HQ city

Ruwi

HQ country

Oman

HQ region

Middle East

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: Collection of insurance premiums from policyholders across personal and commercial lines including Motor, Travel, Life, Medical, Home, Marine, Property, and other insurance products. Revenue is generated through annual or multi-year premium payments.
2. Corporate Insurance Policies: Group insurance products for businesses including Group Medical, Group Life, Group Personal Accident, Workmen Compensation, and other corporate coverage. Revenue generated through employer-paid premiums for employee benefit programs.
3. Auto Services: Vehicle repair and maintenance services through company-owned auto service center in Ghala, Muscat, and network garages throughout Oman. Revenue from repair services for insured vehicles.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Oman United Insurance is engaged in underwriting of general insurance and life and medical insurance business for both individual consumers and corporate clients in Oman. Its product portfolio spans Motor, Travel, Life, Medical, Home, Personal Accident, Jet Ski, Boat/Yacht, Property, Marine, Project, Workmen Compensation, Group Personal Accident, Group Medical, Group Life, Group Credit Life, Professional Indemnity, Public Liability, Fidelity Guarantee, and various specialty business covers, supplemented by an owned auto service center for vehicle claims repair.

Product overview

Oman United Insurance is a comprehensive insurance provider offering a broad portfolio of insurance products and services. The company's offerings span Individual products (Motor, Travel, Life, Medical, Home, Personal Accident) and Corporate products (Property, Marine, Project Insurance, Workmen Compensation, Business Life and Health, and various specialty covers). Key products include Motor Insurance with third party and comprehensive options, Travel Insurance with package and medical expense variants, Life Insurance including Individual Life, Group Life, and Credit Life, Medical Insurance covering individual and group plans, and specialty covers like Himaya for domestic workers, Boat/Yacht, Jet Ski, Fire & Allied Peril, and various business insurance products including Professional Indemnity, Public Liability, Fidelity Guarantee, and Contractors' All Risk. The company also provides Auto Service for vehicle repairs. Products are designed for both individual consumers and corporate clients in Oman, with claims processing through head office in Muscat and branch offices throughout the Sultanate.

Differentiator

Problem solved

Functional benefit

Brands

• Himaya: Insurance plan for domestic workers providing Life, Disability, Accident, Repatriation and Medical Expenses protection.

Products and services

• Motor Insurance Vehicle insurance covering private comprehensive, private third party, commercial third party, and commercial comprehensive insurance for cars used in Oman with optional UAE/GCC coverage.
• Travel Insurance Travel insurance providing reimbursement for medical expenses and losses during business or holiday travel, available as Travel Package with coverage limits up to USD 1,000,000 for medical repatriation, or Travel Medical Expenses covering only medical treatment and repatriation.
• Individual Life Insurance Term assurance plan covering death by any cause, accidental death benefit, permanent partial disability, and permanent total disability for breadwinners to protect family dependents.
• Himaya (Domestic Worker Insurance) Insurance plan for domestic workers (babysitter, cook, housekeeper, gardener) providing life, disability, accident, repatriation, and medical expenses protection in a triple insurance pack.
• Home Insurance Householders policy providing insurance cover for home (walls, roof, fixtures, fittings, garages, gates, fences), household contents, personal belongings, and legal liability including alternative accommodation and tenant liability.
• Personal Accident Insurance Insurance cover providing lump sum amount for death or disability arising from accidents caused by external violent visible means, with coverage up to RO 5,000 for accidental death and optional hospitalization expenses.
• Jet Ski Insurance Insurance covering loss or damage to Jet Ski body, machinery, engine, equipment, or personal effects with comprehensive cover (all risk) or third party liability options.
• Boat/Yacht Insurance Insurance covering loss or damage to hull, machineries, engines, equipment, personal effects for vessels, yachts, boats, fishing boats, and landing crafts with comprehensive cover or third party liability.
• Fire & Allied Peril Insurance Fire insurance policy protecting property against fire, lightning, explosion/implosion and extended risks including storm, flood, earthquake, aircraft damage, theft, riot, strike, and malicious damage.
• Marine Transit Insurance Cargo insurance covering loss or damage to goods during transportation via land, sea, air, and post parcel with open cover, individual/specific cargo, or inland transit options.
• Money Insurance Insurance indemnifying for loss of money and damage to safes or strong rooms from theft, covering money in transit, on premises during/outside business hours, and in locked safe.
• Property Insurance Insurance coverage for corporate property assets including buildings and contents against various perils.
• Contractor's All Risk Insurance Contractors' All Risks coverage for unforeseen and sudden physical loss or damage to buildings and structures being constructed, including third party liabilities for bodily injury and property damage.
• Erection All Risk Insurance Insurance coverage for erection of machinery and equipment during construction phase with protection against physical loss or damage.
• Workmen Compensation Insurance Policy indemnifying employers against wage replacement and medical benefits to employees injured in course of employment per Sultani Decree 40/1977 and Common Law, covering death, PPD, PTD, TPD, TTD, and medical expenses.
• Group Personal Accident Insurance Group insurance cover providing lump sum for death or disability arising from accidents caused by external violent visible means for employees.
• Group Medical Insurance Group health insurance providing inpatient and outpatient medical expense coverage for employees and their dependents with optional dental, optical, and maternity covers.
• Medical Insurance (Individual) Individual medical insurance plan catering to needs for inpatient and outpatient medical expenses with optional dental, optical, and maternity coverage.
• Machinery Breakdown Insurance Insurance cover against sudden and unforeseen physical damage to machinery and mechanical equipment at work, at rest, or during maintenance operations.
• Electronic Equipment Insurance Comprehensive cover for unforeseen and sudden physical loss or damage to electronic equipment including software, data media, and increased cost of working for telecommunications, EDP machines, medical installations, and control units.
• Contractor's Plant & Machinery Insurance Insurance safeguard for plant and machinery at work sites against losses or damages including inland transit, strike, riot, civil commotion, and accidental immobilization coverage.
• Professional Indemnity Insurance Insurance indemnifying professionals against claims for negligent acts, errors, or omissions in professional conduct, covering legal costs and defense expenses for doctors, lawyers, architects, engineers, and insurance brokers.
• Fidelity Guarantee Insurance Insurance indemnifying against loss of money or property due to fraud or dishonesty committed by employees in the course of their employment, covering forgery, embezzlement, and computer fraud.
• Public Liability Insurance Insurance covering third party liabilities for bodily injury or property damage arising from business operations or premises, protecting against claims from customers or public members.
• Business Travel Package Corporate travel insurance covering cancellation, curtailment, journey disruption, medical repatriation (USD 1,000,000), personal liability, travel delay, baggage, and personal accident.
• Business Travel Medical Expenses Business travel insurance covering only medical treatment, repatriation, and emergency expenses for corporate travelers.
• Group Life Insurance Group term life insurance providing death benefit, accidental death benefit, permanent/temporary total disability, repatriation expenses, medical expenses for accident, and critical illness cover for employees.
• Group Credit Life Insurance Life insurance covering outstanding loans (housing, personal, car) for individual borrowers of banks in case of death or permanent total disability.
• Himaya for Corporates Insurance plan for corporate domestic workers providing triple insurance pack with life, disability, accident, repatriation, and medical expenses protection.
• Auto Service Vehicle repair and maintenance services at OUIC's Auto Service Centre in Ghala, Muscat and network garages throughout Oman, with services including body repair, spare parts, and breakdown recovery.

Quantifiable outcome

• Claim reimbursement payments within 14 working days for 90% of cases
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Voyagers Assistance World-wideminorOthersEmergency assistance service provider for travel insurance customers. Provides 24-hour emergency telephone service for illness or accidents abroad. Contact: UK (+44) 207 902 7405. Reference No. 460487.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/oman_united
• LinkedInlinkedin.com/company/oman-united-insurance-co-saog

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oman United Insurance