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Zurich Expands Presence In Dubai,
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, July 01, 2009
Zurich Insurance Company Ltd (ZIC), a subsidiary of Zurich Financial
Services Group, has been granted a new licence that will allow the company to
expand its activities and conduct general insurance operations from the Dubai
International Financial Centre (DIFC). The number of companies
that now form DIFC’s insurance cluster is 31, and includes many of the
world’s largest international names.
With this new licence, ZIC will focus its operations on assisting large corporate
customers and their local insurers in addressing complex and difficult-to-place
insurance risks. ZIC aims to actively contribute to the growing independence
and self-reliance of the region’s insurance market, which is expected
to double in size over the next five years.
Omar Bin Sulaiman, Governor of the DIFC said: “Zurich International
Life, a member of Zurich, was one of the first major international insurance
companies to establish a presence at DIFC back in 2005. I am delighted that,
by obtaining this new licence, ZIC will further expand its operations here at
DIFC through a newly-established branch and become a major contributor to further
developing the region’s insurance market.”
Saad Mered, Chief Executive Officer of Zurich Middle East, said: “We
are delighted to be part of the DIFC and share the vision of having a long-term
and mutually beneficial partnership in this unique financial services district.
Zurich has a strong history in the UAE and with the DIFC, and we look forward
to actively contributing to the regional economy and further market development
through the opportunities presented by our growing operation in DIFC.”
Operating in the region since 1986, Zurich has had a large presence in DIFC
for nearly four years. Focussing primarily on large global corporate clients,
ZIC intends to use its base at DIFC as the hub from which to further expand
its presence in the Middle East and North Africa (MENA) region.
“The Gulf area represents huge potential,” explained Mr Mered.
“We estimate that the current levels of insurance only represent about
2% penetration of GDP, whereas in more mature markets, this percentage rises
to around 10%. It is estimated that the regional market could double over the
coming years as businesses become more aware of the value that insurance offers.”
“Our broad understanding of today's interdependent global risk environment
puts Zurich in a strong position to help corporate customers in the MENA region
better understand and manage their risks,” Mr Mered concluded.
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