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.

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Six reasons OMIC is the best choice for ophthalmologists in America.

Consistent return of premium.

Publicly-traded insurance companies exist to make profits for shareholders while physician-owned carriers often return profits to their policyholders. Don’t underestimate this benefit; it can add up to tens of thousands of dollars over the course of your career. OMIC has one of the most generous dividend programs for ophthalmologists and has returned more than $90 Million to our members through dividends.