DHOFAR INSURANCE is registered as an Omani Public Joint Stock Company incorporated in the Sultanate of Oman on the 5th of September, 1989. The Company’s principal activity comprises of writing all classes of Insurance. The Company is in compliance with all the articles of code of corporate governance for joint stock companies through transparency, disclosure and participation.
DHOFAR INSURANCE was established with a paid up capital of RO 3,000,000 ($8,000,000) and now represents one of the largest insurance company in Oman, in terms of premium and capital, with paid up capital of OMR 10 million.
DHOFAR INSURANCE has a network of 42 branches including 7 regional offices. Covering different parts of Oman including Khasab and the borders of UAE and Yemen, providing easy reach efficient and coherent services throughout the Sultanate of Oman. As a result of the increase in branches, premium and underwriting results, the Company’s employees have increased from 7 in 1989 to over 300 in 2018.
The company has proved high efficiency, dedication and availability during the all catastrophic events hits the Sultanate of Oman in the past few years, especially cyclone Gonu, Phet and Mekunu.
DHOFAR INSURANCE adheres to a strict Omanisation policy which currently stands at 75% overall and increases to nearly 100% in the majority of the branches. As part of this internal organic growth, we have established a training center which enables us to be at the forefront of technological developments both in the insurance industry and the world at large. Consequently we train our staff at levels that enable them to grow personally as well as professionally turning our team members into insurance professionals and enabling them advise our clients on best possible solutions whilst maintaining industry standards.
DHOFAR INSURANCE has been honored by His Majesty’s government for the fourth consecutive year for our Omanisation program. We are also the recipient every year of the Green Card since the inception of this program in 1998. This culminated in, not just recognition in the Sultanate of Oman, but in the Middle East as a whole, where we were also awarded the ‘Distinction in Employment of Nationals’ by the Gulf Council Of Arab Countries (GCC) in Kuwait in 2004.
DHOFAR INSURANCE has over the years developed substantial relationships on an international level in Europe, Middle East and the Far East. These partnerships have increasingly assisted on reinsurance and training aspects, enabling us to insure very large risks, even beyond hundreds of millions of Omani Riyals. Over the years of cohesive partnerships and increasing underwriting results, we have systematically increased both our net retention and our overall capacity, consequently underwriting risks of various types and values. Our reinsurance partners have large capacities and have consistently offered support when required; backed up by the highest international rating.