Policyholder Services

Is OMIC’s ability to pay claims limited by the amount of capital it has?

No. OMIC has three sources of funding for the payment of claims. First, OMIC collects premiums that are actuarially developed to cover anticipated losses. In addition, OMIC purchases its own insurance, called “reinsurance”, to cover the costs of very large claims. We obtain much of our reinsurance from one of the most well-respected reinsurers in the world: Lloyds of London. Furthermore, OMIC maintains significant surplus to act as a buffer against an unlikely instance in which the premium and reinsurance are insufficient to cover the company’s actual losses.