Oman Qatar Insurance

What Oman Qatar Insurance does

Oman Qatar Insurance Company SAOG (OQIC) is a publicly listed insurance company headquartered in Al Khuwair, Muscat, Sultanate of Oman. Founded in 2004/2005 and IPO'd on the Muscat Stock Exchange (ticker: OQIC) in September 2017 with a 1.4x oversubscribed offering of 25 million shares, OQIC operates as the Oman subsidiary of Qatar Insurance Company (QIC Group), the largest insurer in the MENA region by market capitalization and gross written premiums. The company employs between 51-100 staff and serves both retail and commercial customers across Oman's insurance market.

OQIC distributes a full suite of personal insurance products (car, travel, home, life & medical) and business insurance lines (energy, property & commercial, marine & aviation, corporate travel & fleet) through an omni-channel model: 19+ physical branches spanning Oman's governorates, the OQIC Insured online platform with 10-second quote capability, the QIC mobile application, the EQUINOX corporate portal, a call center, WhatsApp claims reporting, and third-party agents. The company achieved an inaugural A- S&P Global credit rating in May 2026, in addition to its parent's A- S&P and A.M. Best A- (Excellent) financial strength ratings.

Revenue is generated through recurring annual insurance premiums from both retail (motor, travel, home, life & medical) and commercial (energy, property, marine, aviation, fleet) lines, with pricing varying by product, coverage level, and risk profile. QIC Group-level reporting indicates QAR 874 million net profit for FY2025 (+19% YoY) and QAR 217 million for Q1 2026 (+6%), alongside an 11% cash dividend distribution approved at the March 2026 AGM. OQIC is pursuing digital ecosystem expansion via the QIC App's integration with Qatar Airways Privilege Club (Avios conversion), Ooredoo (eSIM for visitor insurance buyers), Hotels booking, and Qatar Duty Free redemption, positioning the business as a travel-services platform beyond core insurance.

Name

Oman Qatar Insurance

Legal name

Oman Qatar Insurance Company SAOG

Website

https://oqic.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Oman Qatar Insurance Company (OQIC) is a publicly listed Oman-based subsidiary of Qatar Insurance Group offering personal and commercial insurance products (car, travel, home, energy, marine, aviation, fleet) to retail and corporate customers across Oman through 19+ branches and digital platforms.

Ownership category

akta.pro rank

Product category

General Insurance

akta.pro primary industry

Retakaful (Life & Health) (FSAIANAM)

akta.pro secondary industry

Underwriting, Pricing & Policy Administration (PAS) for Travel Insurance (THALALAK)

Keywords

• Personal insurance products
• Commercial insurance coverage
• Motor insurance underwriting
• Travel insurance services
• Insurance digital platform

Headquarters

HQ city

Ruwi

HQ country

Oman

HQ region

Middle East

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Personal Insurance Premiums: Collection of insurance premiums from retail customers for car, travel, home, and life & medical insurance products. Revenue generated through annual and multi-year policy renewals.
2. Business/Commercial Insurance Premiums: Insurance premiums from commercial clients for energy, property & commercial, marine & aviation, medical, life, and corporate travel & fleet insurance

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels9 records

Core offering

Oman Qatar Insurance Company SAOG (OQIC) is a Muscat-headquartered, Muscat Stock Exchange-listed insurance company that underwrites and distributes personal and commercial insurance products in the Sultanate of Oman. Its offering spans personal lines (car, travel, home, life & medical) and business lines (energy, property & commercial, marine & aviation, corporate travel & fleet), sold through a 19+ branch network, an online platform (OQIC Insured), a mobile app (QIC App), a corporate portal (EQUINOX), agents, and a call center.

Differentiator

Problem solved

Functional benefit

Brands

• OQIC Insured: Online platform for purchasing personal insurance products including car, travel, and home insurance.

Products and services

• Car Insurance

Quantifiable outcome

• QAR 874 million net profit in 2025, 19% increase year-over-year
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability1 record

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Qatar Airways Privilege ClubcoreStrategic or Co-development Partner · 15 June 2026Loyalty partnership enabling QIC customers to convert their Coins loyalty rewards into Avios, the Qatar Airways loyalty currency. Points can be redeemed across Qatar Airways flight bookings, travel class upgrades, and Qatar Duty Free purchases with access to 150+ global destinations.
• OoredoocoreStrategic or Co-development Partner · 15 June 2026Partnership to offer complimentary eSIMs to all travelers who purchase Mandatory Visitors' Health Insurance through QIC's digital platforms. Customers receive activation link to download and set up eSIM before arriving in Qatar for seamless connectivity.
• Hotels Service ProvidersminorStrategic or Co-development Partner · 15 June 2026Hotels feature launched through QIC App in partnership with leading service providers and hospitality venues, offering wide range of accommodation options and deals for travelers.
• Turkish HospitalcoreStrategic or Co-development Partner · 7 March 2017Healthcare partnership through Q Life & Medical Insurance Company (QLM) to provide distinctive quality healthcare services. Turkish Hospital gains access to QLM's wide customer base while QLM expands its provider network.
• Qatar Mobility Innovations Center (QMIC)minorStrategic or Co-development PartnerPartnership to introduce Road Safety solutions including consumer and enterprise segment innovations presented at 24th World ITMA Congress.
• Desert Car ShowroomminorChannel Partner/ Reseller/ DistributorInsurance agent promoting coverage for luxury and exotic cars with preferential rates starting from 3.5% for own damage coverage on high-end vehicles.
• QIC GroupcoreOthersOQIC is a subsidiary of Qatar Insurance Group, the leading insurer in Qatar and MENA region. QIC Group provides financial strength, ratings support, and strategic direction.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Saudi Enaya Cooperative Insurance: Saudi-based health and general insurance cooperative offering medical and personal lines. Comparable to OQIC's life & medical and personal insurance segments, though primarily serves the Saudi market rather than Oman/Qatar.
• Beema (Oman Reinsurance): Omani reinsurance provider serving the local and regional market with proportional and non-proportional treaty capabilities. Comparable to OQIC's group-level reinsurance relationships, as a domestic Omani insurance/reinsurance infrastructure provider.

Direct peers

• National Life & General Insurance: Oman-based composite insurer listed on the Muscat Stock Exchange, offering life, health, and general insurance products. Direct peer to OQIC in the Omani market with similar product portfolio and investor base.
• Oman Insurance Company: A leading UAE-based composite insurer with operations across personal and commercial lines including motor, travel, life, and medical. Comparable to OQIC as a regional MENA composite insurer offering multi-line products, though operating from a larger and more internationally diversified base.
• Takaful Oman Insurance: Omani takaful (Shariah-compliant) insurer offering family and general takaful products in Oman. Comparable to OQIC as a domestic Omani insurer serving similar customer segments through alternative (Islamic) insurance structures.
• Bahrain National Insurance: Bahrain-based composite insurance company offering personal and commercial lines across the GCC. Comparable to OQIC as a GCC-domestic composite insurer with similar product mix and regional retail/commercial customer base.
• Al Madina Insurance: Omani composite insurer offering personal, commercial, and specialty lines in the Sultanate of Oman. Directly competes with OQIC in the same domestic Omani market across motor, health, and general insurance lines.
• Doha Insurance Group: Qatar-based insurance group offering personal and commercial lines including motor, travel, marine, and energy. Closely comparable to OQIC as a Qatar-headquartered multi-line insurer within the same parent QIC ecosystem.

Broad incumbents

• GIG Gulf (Gulf Insurance Group): Kuwait-headquartered regional insurance group with operations across GCC markets including personal and commercial lines. Comparable to OQIC as a GCC-wide multi-line insurer with broader geographic footprint and similar product portfolio.
• AXA Insurance Gulf: Global insurance major with significant Gulf operations across motor, health, and general insurance. Comparable to OQIC as a multi-line insurance provider in the GCC region, though operates at significantly larger scale and offers broader international products.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/i_InsuredbyOQIC

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Qatar Insurance