HSBC Middle East has signed an
exclusive 10-year agreement with Zurich Insurance Middle East to distribute its
personal and commercial General Insurance products in the United Arab Emirates,
with other Middle East and North Africa (MENA) markets to be considered in the
future.
The agreement marks the coming
together of two global leaders in their respective fields, and extends HSBC's
relationship with Zurich in the region following the 10-year contract signed in
April 2012 to exclusively distribute Zurich's Life Insurance products in UAE,
Qatar and Bahrain.
Fresh from reports of growing need
among UAE residents regarding the protection of their homes, family belongings
and valuables, the agreement covers all of Zurich's General Insurance personal
product lines, and allows HSBC customers to access Motor, Home Contents and
Travel insurance, as well as Zurich's full suite of commercial insurance
solutions.
The agreement will help to improve
access and distribution of insurance products across the MENA region, which has
some of the lowest insurance penetration rates in the world. Even the UAE,
which has one of the highest rates in the region, stands at just 1.8% - more
than three times lower than Singapore and six times lower than the UK.*
It will also enable HSBC's Retail
Banking and Wealth Management (RBWM) business in MENA to build specialist
expertise in General Insurance and, together with its Life Insurance expertise,
provide a consistent experience to HSBC customers - many of whom already use
current account and credit card services.
Francesca McDonagh, HSBC's Regional
Head of Retail Banking and Wealth Management for Middle East and North Africa
said: "This partnership reinforces our customer centric strategy, allowing
HSBC to provide comprehensive Life and General Insurance solutions, to ensure
our customers are fully protected across their full range of insurance needs.
Customers will find it easy to access the right insurance solution through
multiple HSBC channels."
"Recent media reports regarding
residents' negligence leading to accidents such as building fires have created
awareness among people that insurance is about more than just mandatory Health
and Motor plans, but needs to include the protection of homes, valuables and
personal wealth. Along with the Wealth Insurance agreement announced last year,
this new agreement means that Zurich becomes our exclusive partner for the
entire spectrum of insurance offering in the UAE, with other Middle East
markets to follow, allowing us to provide our customers with holistic insurance
solutions catering to their every need."
Mike Kerner, Member of Zurich's Group
Executive Committee and CEO for Zurich General Insurance, was in Dubai for the
official signing of the agreement with Francesca McDonagh, HSBC's Regional Head
of Retail Banking and Wealth Management (RBWM) for MENA.
Saad Mered, CEO, Zurich General
Insurance for Middle East & Africa, commented: "Zurich and HSBC have
already built a strong relationship in the region in terms of Life Insurance.
We look forward to developing first-class General Insurance propositions for HSBC's
customers that are easy-to-understand, provide comprehensive cover, delivered
in an efficient manner and ensure customers have peace of mind in the knowledge
that their most precious possessions are protected."
HSBC is the largest and most widely
represented international banking organisation in the Middle East and North
Africa (MENA), with a presence in 14 countries across the region. HSBC has
operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait,
Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In
Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49
pwercent shareholder of HSBC Saudi Arabia for investment banking in the
Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam
Investment Bank.
In the three quarters of the year
ending on 30 September 2012, HSBC in the MENA region made a profit before tax
of US$1,048m.
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