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Oman insurers boost profits with selective underwriting policy

Omani insurance firms, Dhofar Insurance and Oman United Insurance have reported higher profits in the first half of 2012, due to a more selective underwriting policy, which helped insurers to reduce motor insurance claims, Muscat Daily has reported. The net profit of Dhofar Insurance surged by 421% to OR1.97m during the first six months of 2012, compared with OR378,984 in the corresponding period of 2011, while Oman United Insurance posted a 299% jump to OR2.2m from OR549,000 a year earlier. "We are improving the quality of risks that we are writing," said Rawny Khadr, VP-marketing and development at Dhofar Insurance. "We set up an internal audit department that looked into assessment of claims and helped to reduce the losses in motor business."