AIG has opened four new branches in Oman, which will be located in Nizwa, Ibri, Salalah and Sur.
AIG‘s core focus in Oman will be to broaden its existing customer base and grow its market share, through the introduction of new products and services across both its retail and corporate segments.
A further element of AIG’s expansion strategy in Oman will be the development of its business through bancassurance, building on its partnership with Bank Muscat.
AIG has a 10-year strategic bancassurance agreement with Bank Muscat, under which it is the exclusive provider of non-life insurance products to Bank Muscat customers in Oman.
The company has also stated that it plans to invest in a new training academy, based in Muscat, for its local staff and distribution partners in Oman.
“The opening of these new full service branches is a reflection of AIG’s commitment to build insurance awareness and improve the image of insurance in the interior regions of Oman,” said Ahmed Ali Al Mamari, director general of insurance supervision at the Capital Market Authority.
“Opening such branches will enhance the competition among insurance companies to develop the level of insurance coverage and quality of service provided to their clients. Moreover, opening branches outside the capital area will help insurance companies’ clients to get more convenient claim services.”
Neelmani Bhardwaj, general manager at AIG Oman, added: “Considering the current insurance penetration rate in Oman as a proportion of GDP is only around 1 percent, compared to the global average of approximately 7 percent, we believe Oman is a highly attractive market for all our AIG product lines.”
“As we have seen in other markets, the secret of our success remains our commitment to invest in our business for the long term, which also involves playing an active, positive role in the local communities that we serve.”
