Oman Insurance Company, one of the region’s leading insurer, has been reassigned a stable outlook by AM Best while reaffirming its Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “A”.
The National Health Insurance Company – Daman has received the ISO/IEC 20000-1:2018 certification, recognising the insurer’s sophisticated management of its IT services. Daman is the first health insurer in the region to receive the certification, demonstrating the company’s continued investment in and development of innovative digital services and technical infrastructure which provides members, medical facilities, and business partners with seamless service access.
AM Best continues to hold a negative market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC). Factors supporting the outlook include COVID-19-driven uncertainty and the risk that further oil price volatility will maintain economic pressure across the region. In addition, there is concern over price adequacy amid intensely competitive conditions. Financial market fluctuations and depressed real estate valuations, as well as the expectation of liquidity pressures and increased delays in cash collection, also weigh on the outlook.
Pacific Prime, a global employee benefits and health insurance specialist, is pleased to announce that they have received two accolades from Cigna Middle East in 2020: "Individual Broker of the Year" and "Innovative Broker of the Year". The awards were presented to the team at Pacific Prime's Dubai office on 4 April, 2021.