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Oman United targets mature drivers with selective motor rates
Aug 01, 2008    

With around two thirds of our income coming from motor insurance, we have decided to classify risk groups, reflecting the loss experience with meaningful premium differences.

Whereas most insurers in Oman simply rate their premiums on the vehicle value, we now take into account the driver(s) age(s), whether they are male or female, vehicle value, age of vehicle, use of the vehicle, and make of vehicle.

For mature drivers (especially ladies) with good driving histories, in reasonably priced cars, our premiums will be very attractive.  For young drivers and those with multiple accidents, and those with commercial vehicles we probably won’t be.

For long-term clients that have been with us for many years, especially those with no claims, we are capping premium increases as far as possible.  The fact remains though that claims frequency and amount is outstripping premium income significantly and some corrective action is essential.

 

 

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