UAE insurer Daman eyes Oman move

Daman is in advanced discussions to expand its operations to Oman.

The Abu Dhabi-based company operates a joint venture with Munich Re and the pair have been in discussions about the planned venture which would be undertaken with Dhofar Insurance.

“It might be a similar model to our operations in Qatar using Abu Dhabi as the back office hub to generate economies of scale and keep fixed overhead costs lower, at least in the beginning,” says the Daman chief executive Dr Michael Bitzer.

Daman started its Qatar business in July 2011 as the country’s only specialist health insurer servicing small- and medium-sized enterprises, corporate clients and government customers. The planned operations in Oman could be up and running by the end of the year, ready for the 2016 insurance renewal season.

The expansion comes at a time of fierce competition within the UAE insurance sector. Oman is expected to see a sharp rise in healthcare investment between now and the end of the decade as existing facilities come under pressure to cope with the expanding population. Munich Re said this month it expected to generate gross written premiums of between €49 billion (Dh198.15bn) and €51bn globally this year. It expects profits in the range of €2.5bn to €3bn.

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