Arabia Falcon Insurance

What Arabia Falcon Insurance does

Arabia Falcon Insurance Company SAOG (AFIC) is a publicly listed composite insurance company domiciled in Muscat, Oman, formed on May 14, 2017 through the merger of two leading Omani insurers and carrying more than 70 years of combined regional experience. The company is regulated and listed on the Muscat Stock Exchange under ticker OM-AFIC, and operates from a headquarters in Boushar, Muscat with a seven-branch domestic network spanning Ruwi, Al Maabilah, Nizwa, Sohar, Salalah, and Ibri. AFIC underwrites four core product lines — motor, medical, life, and property & casualty — covering both individual consumers and corporate customers, with policy and claims operations delivered through branch offices, a toll-free call center (8008 9089), an online purchase portal (online.afic.om), and iOS/Android mobile applications built on a standard insurance technology stack with NEXtCARE integration for medical policyholder services.

The company generates revenue primarily through insurance premiums collected on motor, medical, life, and P&C policies, with annual renewal cycles and supplementary investment income on float reserves. Pricing is quote-based and risk-tailored, with no publicly disclosed tiered pricing. AFIC differentiates through direct in-house claims settlement (no third-party administrator for motor), fast policy issuance (within one day for life insurance with complete documentation), and a healthcare provider network spanning the GCC and India for medical policyholders. The customer base is horizontally segmented across individuals and corporates, with corporate offerings including group health, group life, fleet motor, and commercial P&C lines such as engineering, liability, marine, and travel.

AFIC's go-to-market is multi-channel: physical branches for direct sales and corporate accounts, digital self-serve channels for retail quotes and policy issuance, and a call center for inbound sales and servicing. Distribution and brand heritage — anchored by the 2017 merger and 70+ years of legacy — are the primary competitive anchors, supported by an active investor relations function and ongoing digital ecosystem buildout via the NEXtCARE partnership. The most material near-term corporate development is the April 2026 resignation of long-tenured CEO Roland Zaatar, which introduces executive transition risk at a publicly listed insurer of otherwise stable scale.

Name

Arabia Falcon Insurance

Legal name

Arabia Falcon Insurance Company SAOG

Website

https://afic.om

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Arabia Falcon Insurance is a publicly listed Omani composite insurer (Muscat Stock Exchange: OM-AFIC) offering motor, medical, life, and property & casualty coverage to individual and corporate customers across Oman through 7 branches, digital channels, and a NEXtCARE-integrated mobile platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: Arabia Falcon Insurance generates revenue primarily through collected insurance premiums from motor, medical, life, and property & casualty insurance policies. Premiums are collected on subscription/recurring basis with policy renewals forming a key revenue stream. The company also earns investment income on float reserves held.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Arabia Falcon Insurance Company (AFIC) is a publicly listed Omani composite insurer offering motor, medical, life, and property & casualty insurance products to both individuals and corporate clients. The company distributes policies through seven branch offices across Oman, a self-serve online platform (online.afic.om), iOS/Android mobile applications, and a call center, with in-house claims settlement for motor and a GCC-and-India-wide healthcare provider network for medical policyholders.

Product overview

Arabia Falcon Insurance Company (AFIC) is an Omani insurance provider formed through a merger of two leading insurance companies, officially launched on May 14, 2017. The company operates as a composite insurer offering a unified portfolio of four core insurance products: Motor Insurance, Medical Insurance, Life Insurance, and Property & Casualty Insurance. Property & Casualty Insurance encompasses multiple sub-products including Property Insurance, General Accident, Liability Lines, Engineering Lines, Travel Insurance, Marine Insurance, and Personal Accident coverage. AFIC provides both individual and group insurance solutions across all product lines, with individual life insurance products including Decreasing Term, Level Term, and Endowment policies, and group products including Group Life Plan and Group Credit Life Plan. The company offers these products through multiple distribution channels including online purchasing, mobile applications, and branch network across Oman.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Comprehensive motor vehicle insurance for individual and corporate customers covering accidents, collisions, natural disasters, fire, theft, and third-party liability. Available as comprehensive, third-party only, or third-party with fire and theft coverage, with in-house claims settlement (no third-party administrator).
• Medical Insurance Health insurance covering inpatient and outpatient treatments including hospital accommodation, surgical procedures, consultations, and medications, with optional add-on riders for dental, optical, maternity, psychiatric cover, and repatriation. Individual and group plans supported by a healthcare provider network across the GCC and India, with digital claims and policy management via the NEXtCARE companion app.
• Life Insurance Life insurance for individuals and groups. Individual products include Decreasing Term, Level Term, and Endowment plans with supplementary riders covering disability, critical illness, and personal accident. Group products include Group Life Plan and Group Credit Life Plan for employee benefits and credit-linked coverage. Policies can be issued within one day subject to complete documentation.
• Property & Casualty Insurance Comprehensive umbrella of property and casualty lines for individuals and corporates, encompassing property insurance (fire and allied perils, property all risks, householders comprehensive, loss of profits/business interruption), general accident (money/cash-in-transit, fidelity guarantee, burglary), liability lines (workmen's compensation, professional indemnity, D&O, public liability), engineering lines (contractors all risk, machinery breakdown, electronic equipment), travel, marine, and personal accident.
• Property Insurance Coverage for fire and allied perils, property all risks, householders comprehensive, and loss of profits/business interruption policies for individuals and businesses.
• General Accident Insurance Coverage including money and cash-in-transit insurance, fidelity guarantee insurance, and burglary insurance for commercial clients.
• Liability Lines Insurance Coverage including workmen's compensation insurance, professional indemnity, director's and officer's liability, and public liability insurance for businesses and professionals.
• Engineering Lines Insurance Coverage for contractors all-risk (CAR) insurance, machinery breakdown insurance, and electronic equipment insurance for construction and engineering projects.
• Travel Insurance Coverage for medical expenses abroad, trip cancellation or delayed departure, and loss of passport, credit card, personal baggage, and money for individual and corporate travellers.
• Marine Insurance Coverage for cargo insurance and yacht, pleasure craft, and hull insurance for commercial shippers and individual boat owners.
• Personal Accident Insurance Coverage for accidental death, accidental permanent total disability, accidental permanent partial disability, and accidental temporary total disability for individuals.
• Motor Third Party Insurance Basic third-party liability coverage for motor vehicles, covering death or bodily injury to third parties and damage to third-party property.
• Motor Third Party Insurance with Fire and Theft Third-party coverage plus coverage for fire, external explosion, self-igniting, lightning, burglary, and theft for motor vehicles.

Quantifiable outcome

• Policy issuance within one day (subject to complete documentation)
• +2 more outcomes

Segments2 records

Ideal customer profiles2 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.

• NEXtCAREcoreTechnology or IntegrationNEXtCARE provides the digital companion mobile application for Arabia Falcon Insurance medical insurance customers. The app enables instant assistance including claims submission and tracking, policy viewing and certificate issuance, healthcare provider network search, and inquiry/complaint management.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Bupa Arabia: Leading GCC health insurer specializing in medical insurance with large corporate and individual books. Comparable on the medical/health line, where AFIC also has a strong direct-settlement value proposition.
• Tawuniya (The Company for Cooperative Insurance): Saudi Arabia's largest cooperative insurer offering motor, medical, and P&C. Comparable composite model with a strong direct-claims and digital footprint, serving as a regional benchmark for scale and service quality.
• Gulf Insurance Group (GIG): Kuwait-headquartered composite insurer with operations across the GCC including Oman. Comparable business model (multi-line P&C, life, medical) but operates regionally rather than purely domestically.
• Salama Cooperative Insurance: UAE-listed cooperative insurer offering family/health and general P&C lines. Comparable multi-line Islamic-compliant insurance model operating in the same Gulf regulatory and competitive context as AFIC.

Broad incumbents

• Qatar Insurance Company: Largest insurer in the GCC region with a diversified P&C, life, and reinsurance portfolio. A broad regional incumbent whose Omani presence and motor/medical offerings make it a comparable composite competitor at a much larger scale.
• AXA Insurance Gulf: Global insurer's Gulf operations offering motor, health, life, and P&C across the region including the GCC. A broad incumbent competing for the same corporate and affluent-individual segments in Oman.

Direct peers

• Oman United Insurance Company: One of the leading composite insurers in Oman offering motor, medical, life, and P&C products. Directly comparable to AFIC as a domestic multi-line competitor with similar branch distribution and target customers.
• Al Madina Insurance (Takaful): Omani takaful/insurance provider offering family, motor, medical, and general products. A direct domestic peer competing for the same individual and corporate pool with comparable distribution intensity.
• Vision Insurance (Oman): Smaller Omani composite insurer serving individual and corporate clients with motor, medical, and general lines. Comparable as a domestic multi-line competitor, though smaller in scale than AFIC.
• National General Insurance Company (Oman): Omani composite insurer providing motor, medical, engineering, and general insurance to individuals and corporates. Competes head-to-head with AFIC in the same regulatory environment and customer segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Arabia Falcon Insurance