In a significant corporate rebranding move, Oman Insurance Company has officially announced its name change to Sukoon Insurance, following the completion of all regulatory requirements. This change marks a new chapter in the company’s history while reassuring customers that their existing policies and coverage will remain unaffected.
The announcement, made on Thursday, comes as a relief to policyholders who can expect continuity in their insurance services. According to the company’s statement, the transition to the new name, Sukoon, will be seamless for customers and partners, with the only noticeable change being the new name on issued documents.
Jean-Louis Laurent Josi, CEO of Sukoon, expressed his enthusiasm for the rebranding, stating, “Sukoon not only represents who we are today but also sets the stage for our ambitious vision for the future.” He emphasized that this name change is a culmination of the company’s rebranding efforts, aligning with its vision to lead the insurance industry with a focus on peace of mind and unparalleled customer service.
“This change… underscores our vision to lead the insurance industry while keeping peace of mind and unrivalled customer service at the heart of everything we do. We are now more confident than ever to reinforce our position as a reference in the region for customer excellence,” Josi added, highlighting the company’s commitment to maintaining high standards in service delivery.
As part of this transition, Sukoon Insurance will be updating its legal presence on the Dubai Financial Market (DFM). The company will liaise with DFM to change its name from ‘Oman Insurance Company PSC’ to ‘Sukoon Insurance PJSC’, reflecting its new identity on the financial platform.
Founded in 1975, Sukoon Insurance has established itself as a leading insurance provider in the UAE. The company offers a wide range of insurance solutions, including healthcare, motor, life, and general insurance, covering property, energy, engineering, aviation, marine, and liability sectors. With operations spanning across all Emirates in the UAE and Oman, Sukoon serves over 800,000 individual and commercial clients.
In 2022, Sukoon recorded gross written premiums (GWP) of Dh4.39 billion, showcasing its robust financial performance. The company boasts strong credit ratings, with an A rating from Standard & Poor’s and an A2 rating from Moody’s, reflecting its financial stability and trustworthiness in the insurance market.
The rebranding to Sukoon Insurance represents more than just a name change; it symbolizes the company’s evolution and readiness to adapt to the future needs of the insurance industry. While the name Sukoon, meaning ‘peace’ in Arabic, resonates with the company’s core values, the unchanged policies ensure that customers continue to enjoy the same trusted insurance services they have come to rely on over the years. With this strategic move, Sukoon Insurance is set to fortify its position as a leading and innovative player in the regional insurance landscape.
