In Safe Hands
Published: 01/12/2008 1:10 am
With the entry of several new players like Vision Insurance, Al Madina Insurance and Falcon Insurance, the sector is witnessing intense competition
With the entry of several new players like Vision Insurance, Al Madina Insurance and Falcon Insurance, the sector is witnessing intense competition.
In a stunning reversal of brand perception, Al Ahlia, the number one last year, falls steeply to the seventh position this time. Instead, Dhofar Insurance comes first, outscoring others and the runner-up New India Assurance. The insurance sector offers growth potential in view of a low penetration level and the fact that a majority of the country's population is under the age of 20. The development of industry and infrastructure also offers room for growth.
There is a huge disparity between males and females in the survey. While men give the top three rankings to Dhofar Insurance, New India and Oman United, women respondents recall Al Ahlia, Dhofar and Axa Insurance as the first three insurance firms.
New India shines
Al Ahlia loses out to a foreign company, New India Assurance, with a marked difference in scores. New India's frequent sponsorship programmes and print media advertisements must have helped to attain better visibility among the survey respondents. A close look at the survey results reveals that a large number of expatriates recalled New India compared to few Omanis.
The wide difference between Omanis and expatriates is also visible in the scores received by Royal and Sun Alliance and National Life. Fewer Omanis recall Royal and Sun Alliance and Al Ahlia Insurance, as against a large number of expatriates.