The deal will cover the United Arab Emirates and, subject to regulatory approval, Bahrain and Citi’s non-resident Indian business in the Middle East. It is expected to commence in 2015.
On the agreement, Jawed Barna, chief executive at Zurich Global Life Middle East and Africa, said: “[This agreement] underlines Zurich’s continued commitment to invest and grow in the Middle East.”
Dinesh Sharma, head of consumer banking for Middle East and North Africa at Citi, added: “We are excited by the opportunities ahead that this partnership offers and we look forward to working further with Zurich across our network in the Middle East.”
In March, Zurich International Life MEA launched a first-to-market life insurance proposition for small and medium sized enterprises (SMEs) in the Middle East.
Zurich Business Protect encourages SMEs to insure their staff as well as their assets.
The company, which has its MEA headquarters in Dubai, says many businesses are failing to insure ‘key persons’ whose absence may affect the profitability, or even “the very existence”, of their organisation.
SMEs are defined as businesses with less than 250 employees and an annual turnover of less than AED250m ($68m).
Click here to read an interview with Barna.
