Page 66 - 33 edition GAIF Post-Conference July 2022
P. 66
Sunil Kohli (CEO- Dhofar Insurance Company - Oman):
Dhofar Insurance is a company with a
legacy and has done well on both the
top and bottom lines
ver the years of cohesive partnerships and increasing underwriting results, Dhofar
OInsurance has systematically increased both its net retention and its overall capacity,
consequently underwriting risks of various types and values. Sunil Kohli, CEO of Dhofar
Insurance Company - Oman, was among the prominent people who participated at the 33rd
GAIF General Conference held in Oran, Algeria. Al Bayan Magazine had the privilege to
meet Mr. Kohli and conducted an interview with him in which he commented about the con-
ference and talked about the challenges facing the insurance industry. He further expressed
his point of view about the importance of face-to-face events after Covid-19 pandemic and
shed light on the main achievements of Dhofar Insurance during the first half of 2022.
GAIF 34th edition in Oman Risk taking is the job of insurance
• Do you think this will lead to establish new insurance products or the
• The Sultanate of Oman has won the bid to host 34th Conference of insurance companies will not take that risk?
GAIF scheduled to be held in 2024. What is your comment? - Risk taking is the job of insurance and reinsurance industries, the main pur-
- We are very happy for having this particular event in the Sultanate after a pose of these industries is to take risk but the risk has to be actuarially under-
gap of 20 years and we do feel that the insurance industry in Oman is on the stood. Various statistical modelling exercise has to be done before risk impact
path of development, it is resilient and solid so it is very natural that this event can be understood and covered accordingly. With more experience and knowl-
should be hosted in Muscat. edge , products will be developed and enhanced gradually.
• The discussions in the 33rd GAIF conference focused on cyber secu- We need human interaction
rity, pandemics, epidemics and climate change. What is your comment?
- All these topics are very important and it is high time that we focus on these • In your opinion, what is the importance of face-to-face events especial-
subjects. Everyone is aware that climate change is a very serious issue and ly after the pandemic?
it is having a major impact everywhere. We can look at how the cyclones and - The importance of these kinds of events cannot be over emphasized because
it is very important to have such events . Although during pandemic we were
other natural events are increasing in frequency. These natural catastrophe
very excited about the digital journey where we are able to connect with each
events are now touching areas which earlier where thought to be not prone
other digitally without even having to travel and we can connect to thousands
to natural catastrophes . Today these regions are getting affected by natur-
of miles away from each other within one minute or seconds, we don’t have to
al events which is devastating for these economies and people. This gives us look at the logistics such as visas and all kind of issues so that is a good thing
an indicator that we have to respect the nature and to seriously think how to about the digital but at some stage, we need human interaction so what we
stop the bad effects of climate change and what actions we should take so have to do now will be more of a hybrid approach. Physical and face to face
that our natural environments are secured. Cybersecurity is also a major area meetings have to go in parallel and in progression to develop things gradually
and we till today even from the insurance industry perspective have not .
understood the extent of impact of cyber attacks. The coverages from insur- We are in a progressive journey
ance /reinsurance companies are very limited and yet to be fully developed.
• What are the main achievements of Dhofar Insurance during the first
We have to respect the environment half of 2022?
- Dhofar Insurance is doing very well since many years with the help of all the
• What are the main challenges facing the insurance industry? stakeholders and the first quarter results which we have published are encour-
- The pandemics such as Covid-19 are linked to how the human race is inter- aging compared to the first quarter of last year. There is a growth of more than
acting with the environment. Wherever we are going into the natural habitats of 35 percent not only on the revenue side but also on the profit side as well.
animals , we are getting affected for example it is said that Covid 19 got spread Dhofar Insurance is a company with a legacy, we started digitalization and
from Bats which came in close contact with humans as we encroached in to transformation three years ago and today we have reached a stage where we
their natural habitat . As a result, we got affected by cross species pandemics. are focusing on continuous improvement. We have a digital app and online
This shows that we have to respect the environment, animals and give them facility to buy retail products from ease of your home/ desk . Nevertheless, we
the space they need. are on a continuous study to understand what more can be done & how can we
improve the customer experience.
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