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- Dubai 05:43 06:59 12:35 15:41 18:06 19:22
Peter Traber, left, Swiss Ambassador Wolfgang Bruelhart, Swiss Consul-General Gerhard Bruegger and Peter Huber at the opening of Dubai office. (SUPPLIED)
Swiss Life, Europe's leading provider of life insurance and pension solutions, is buoyant on demand from the Middle East that it expects to emerge particularly on account of growth in the wealth of high net worth individuals (HNWI).
"Emerging markets, especially those in the Middle East and Latin America scored the greatest regional HNWI population gains," said Peter Huber, CEO, Swiss Life Private Placement Life Insurance, while quoting the Capgemini Merrill Lynch World Wealth Report 2008.
He added that the company would be able to tap the high potential that the market held and cater to the needs of HNWIs like liquidity and flexibility, tax efficiency and compliance, estate planning and asset security.
The company, which has opened its office in Dubai International Financial Centre (DIFC), plans to come out with Shariah-compliant products and other products based on market needs.
"This market, with its currently low insurance density, enables us to position ourselves as an exclusive partner for customised life insurance and to exploit our growth potential," Huber said.
According to the forecast in Capgemini Merrill Lynch report, the HNWI population in the Middle East is expected to grow by 15.3 per cent till 2012.
Swiss Life expects an annual growth of 20-25 per cent in its business, said Huber. The company is also looking for joint ventures with "strong regional distribution partners". The first half of this year, he said, has recorded Dh35.554 billion of gross written premiums.
The Dubai insurance intermediation office, established in the Dubai International Financial Centre, will be managed by Peter Traber. The intermediation office received authorisation from the Dubai Financial Services Authority (DFSA) and is subject to its supervision.
Abdulla Al Awar, Managing Director of DIFC Authority, said: "The demand for specialised life insurance services is bound to increase. DIFC will provide Swiss Life with a productive platform for establishing a firm regional foothold and tapping these growth opportunities."
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