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I n 2018, Dhofar Insurance Company (DIC) continued its efforts to improve the portfolio balance and prudent underwriting for all lines of business including motor. The company completed the year with a total premium of RO40.034mn. The company had an 8.6 per cent market share based on the GWP for the year ended December 31, 2018, ranking it the second largest insurer in the Sultanate. The net underwriting result was a profit of RO 6.888mn compared to a profit of RO 3.468mn over 2017, which represents 99 per cent higher than the previous year. The company focussed on segmentation of the portfolio into micro units and take underwriting decisions based on statistical and actuarial analysis. DIC did let go of some chronic loss making segments which led to de-growth on gross written premium front. However, the sound underwriting had a salutary impact on the bottom line. Net profit after tax increased by 187 per cent for the year, as the company registered a profit after tax of RO1.140mn for the year ended on December 31, 2018 as against a loss of RO1.309mn, compared to 2017. Mekunu claim In the wake of Mekunu cyclone that hit Dhofar governorate in 2018, DIC had undertaken a number of preparatory steps to ensure minimal damage to the company’s assets. Its claims personnel were on the ground assisting customers immediately the day following the cyclone. The company has adequate reinsurance agreements in place with reputed global reinsurers to ensure that the policy holders are protected. Investment performance Investment and other income was RO2.622mn million for the year ended on December 31, 2018 as against RO2.917mn for 2017. The company reported an investment income of RO1.352mn for the year ended December 31, 2018 as against a RO2.055mn in the same period in 2017.The company continues to adopt a prudent investment policy and majority of the assets in the investment portfolio of the company is made up of low risk and liquid investments. DIC is implementing business plans with focus on customers and stakeholders and is looking to transform itself as the insurer of choice for all stakeholders. INSURANCE On solid footing On solid footing Dhofar Insurance Company (DIC) had an 8.6 per cent market share based on the GWP for the year 2018, ranking it the second largest insurer in the Sultanate Sunil Kohli, CEO, Dhofar Insurance Company
