UAE- Zurich to scale back ME insurance business

Date

11/26/2015 4:03:47 PM

(MENAFN- Khaleej Times)

Zurich on Thursday announced that it will begin a phased closing to new retail and small business customers in its general insurance business in the Middle East from November 30.

Subject to an assessment of contractual obligations existing portfolios in this business will be put into run off.

This means that Zurich will effectively exit its general insurance businesses by the end of 2016 or as soon as possible thereafter. The decision only affects the general insurance business in the Middle East while Zurich remains firmly committed to its life insurance business.

Zurich's global corporate business will continue to underwrite new policies under the Dubai International Financial Centre reinsurance licence and will stop underwriting new policies under the onshore licence through branches in the UAE Oman Kuwait Qatar Bahrain and Lebanon.

The decision follows a comprehensive review of the general insurance business in line with the group's strategy to focus on its core business by prioritising investment in markets where it sees the best potential for growth managing other markets for value and turning around or exiting underperforming markets.

Zurich will continue to service its existing policies in the general insurance business for the remainder of their duration as well as ongoing claims management and the fulfillment of its obligations to customers.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.