Zurich and FGB Sign Long Term General Insurance Distribution Agreement in the UAE
Zurich Insurance Middle East has entered into a long term agreement with FGB, one of the leading banks in the United Arab Emirates, to market and distribute its general insurance products in the country.
Zurich’s market-leading general insurance products will be offered to FGB’s customers through the bank’s dedicated online insurance portal www.firstinsure.ae. This will include Travel, Home and Motor insurance, with specialist personal lines propositions to be offered in the future.
To mark the start of the new relationship between Zurich and FGB and to promote the uptake of travel insurance, FGB will be offering its customers residing in the UAE free single trip worldwide travel cover until June 30*. Frequent travelers can also benefit from a 20% discount on annual multi-trip insurance policies from Zurich.
The agreement with FGB complements Zurich’s recently signed five-year exclusive distribution agreement with United Arab Bank and its 10-year exclusive agreement with HSBC Middle East to distribute Zurich’s general insurance products in the UAE.
It will also help to further promote insurance and improve access and distribution of insurance products across the UAE, which has an insurance penetration rate (premiums as a percentage of GDP) of only 2% - three times lower than Singapore and six times lower than the UK.**
Brian Reilly, CEO for Zurich’s General Insurance business in the Middle East commented: “We are delighted to sign this distribution agreement and look forward to working with FGB to further promote insurance in the UAE, while providing FGB’s customers with market-leading general insurance propositions and a world-class claims service.”
Girish Advani, Head of Mass Market Segment at FGB, said: “Our partnership with Zurich Middle East will add to the diversity of our bancassurance offerings, allowing us to deliver tailored solutions for UAE residents.”
Further, he added: “We partner with best-in-class organizations to create savings and risk management solutions that would make our customers more financially secure. Customers trust us to innovate and our business is all about exceeding their expectations.”
* Terms and conditions apply
** Source - Swiss Re: sigma No 3/2013