Swiss Life opens new Dubai insurance office

Dubai: Swiss Life on Wednesday opened a new insurance intermediation office at the Dubai International Financial Centre (DIFC) as part of the global expansion of its life insurance solutions business.

The inauguration of the new office was attended by Wolfgang Amadeus Bruelhart, Swiss Ambassador to the UAE.

Also in attendance was Abdullah Al Awar, Managing Director of the DIFC Authority.

Following the establishment of Swiss Life's Singapore life insurance branch last spring to secure access to the Asian market, Swiss Life is now expanding its business in insurance solutions for high net worth individuals.

Private placement

It offers private placement life insurance in order to tap into the growth market in the Middle East.

The new office's product portfolio comprises customised concepts for private placement life insurance, integrating wealth management with high-end life insurance services.

Al Awar said: "With the wealth of high net-worth individuals in the Middle East expected to grow at a rate of 15.3 per cent until 2012, the demand for specialised life insurance services catering to their needs is also bound to increase."

Positioning

Peter Huber, CEO of private placement life insurance, said: "With the Dubai office we are ideally positioned to meet the requirements of international high net worth individuals.

"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."