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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