AIG enters bancassurance agreement with Oman bank

Insurer American International Group (AIG) has entered into a ten year strategic bancassurance agreement with Bank Muscat, a financial services provider in Oman.

AIG will become the exclusive provider of non-life insurance products to Bank Muscat customers in Oman.

In the initial phase of the partnership, the range of insurance products available to Bank Muscat’s individual and family customers will include motor coverage, as well as a series of premium products under the bank’s Hayatuna insurance plans. Bank Muscat customers will be able to purchase insurance policies within the network of the bank’s branches.

Current policy benefits and premiums will not be affected as a result of AIG’s designation as Bank Muscat’s non-life insurance partner.

AbdulRazak Ali Issa, chief executive of Bank Muscat, said: “As the flagship bank in Oman, we are very pleased to collaborate with AIG as part of this bancassurance relationship, which will allow us to continue to enhance the value that we offer to our customers through a dynamic channel. This partnership serves as an excellent opportunity to provide a superior experience to our customer base, with a focus to help them meet their evolving insurance needs over the long term.”

Peter Hancock, chief executive officer of AIG Property Casualty, said: “Our strategic partnership with Bank Muscat highlights our commitment to deliver value-added insurance solutions to the bank’s customers – and more broadly, to the advancing insurance market in Oman – as part our leading consumer proposition there, particularly for accident and health products. We look forward to working with Bank Muscat over the span of the relationship, with a goal to significantly invest in the development of new insurance products and distribution channels for the benefit of their core customers.”