Bank Muscat, an Oman-based financial services provider, has signed a 10-yr bancassurance deal with American International Group (AIG) under which AIG will provide non-life insurance products for its customers in Oman.
Under the deal, AIG will initially provide Bank Muscat’s individual and family customers with motor coverage and a series of premium products under the bank’s Hayatuna insurance plans. It will offer family protection, critical illness, hospital cash, domestic helper and home contents protection, among others.
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Additionally, Bank Muscat’s customers will be able to purchase insurance policies within the network of the bank’s branches.
Bank Muscat CEO, AbdulRazak Ali Issa, said they are pleased to collaborate with AIG as part of this bancassurance relationship, which will allow them to continue to enhance the value that they offer to their customers through a dynamic channel.
AIG Property Casualty CEO, Peter Hancock, said their partnership with Bank Muscat highlights their commitment to deliver value-added insurance solutions to the bank’s customers – and more broadly, to the advancing insurance market in Oman – as part of their leading consumer proposition there, particularly for accident and health products.
AIG will use its new and inventive distribution channels to provide Bank Muscat customers with insurance coverage and services.
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