Daman insurance seeks to expand to Oman

The UAE health insurance specialist, Daman Insurance and the German group Munich Re are in talks to establish a joint venture with the Omani insurance company Dhofar Insurance.

This partnership should enable the two companies to extend their activities in the Sultanate thereby reducing their costs. If agreed, the operations planned in Oman could start in the 2016 renewal season.

"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." commented on this topic Michael Bitzer, CEO of Daman.

This merger comes amid a fierce competition raging in the UAE market while a significant increase in the health sector investment is expected in Oman.