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Zurich Insurance Company (ZIC) was granted its new licence by the Dubai International Financial Centre (DIFC) on the 21st June 2009, which allows it to operate and conduct general insurance operations in Dubai.
With the new licence, ZIC will focus on helping large corporate customers (those with an annual turnover of about $500 million) and their local insurers, address complex insurance risks. ZIC aims to actively contribute to the growing independence and self-reliance of the Middle East insurance market, which is expected to double in size over the next five years.
Mr Saad Mered, Chief Executive Officer of Zurich Middle East explains below:
“The Gulf area represents huge potential. We estimate that the current levels of insurance only represent about 2 per cent penetration of GDP, whereas in more mature markets, this percentage rises to around 10 per cent. 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.”
ZIC is planning substantial investments in the region in the next few years and there is a five-year plan set up. The initial focus will be on energy, construction, liabilities and speciality lines as ZIC’s technical ability is better delivered on these projects.
Management
Saad Mered was appointed Zurich CEO Middle East in January 2009. Prior to joining Zurich, Mr Mered was at AIG where he has held various senior positions during his long tenure with the company, including financial lines underwriting, responsibility for AIG’s Egypt operations, and playing a global role in the implementation of the company’s small business strategy. He holds a Juries Doctor from Georgetown University and a Bachelor of Arts in Political Science from the University of California, Berkeley.
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