Generali wins UAE licence

By Nigel Tutt
  • Tuesday, 21 April 2009 8:21 PM
  • Share via facebook
  • Tweet this
  • Bookmark and Share
UAE INSURANCE: Set for growth with mortgage-based products leading the way. (Getty Images)

UAE INSURANCE: Set for growth with mortgage-based products leading the way. (Getty Images)

Italy's largest insurance company Assicurazioni Generali SpA has obtained a licence to sell life insurance in the United Arab Emirates, the company said in a statement on Tuesday.In 2008, the UAE's insurance market rose 30 percent to $4.7 billion of premiums, 16 percent in the life sector and 84 percent in non-life, making it the type of high growth market in which Generali aims to expand.

"With a number of high-earning expatriates from Europe, US and Asia, who represent 80 percent of the population and who have expanded 20 percent in recent years, this market certainly still has potential to grow," Chief Executive Sergio Balbinot said in the statement.

Generali is also looking closely at the Islamic insurance segment via development of takaful products that are in line with Islamic law, he said.

Generali intends to sell life products via a network of agents and brokers, a company official said. (Reuters)

Related:

Also in Markets

Brent climbs above US$106 but euro zone worries remain

Gold hovers near US$1,560/Oz; Greece woes feed caution

Also in UAE

Dubai banks eye mortgages for foreign buyers

UK gov't to certify Dubai Brit schools

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Can't read the image? Click it to get a new one.

All comments are subject to approval before appearingTerms and conditions

Features & Analysis
Dubai stocks jumped to a ten-month high on 26 February as company earnings and dividends boosted investor interest confidence.

Is the boom time back?

Analysts had feared 2012 would be a year of double-dip recession...

6

Mark Zuckerberg: A billionaire's life

Arabian Business takes a closer look at the growth of a New Media...

1

Is Facebook really worth $100bn?

The time has finally come for the internet’s biggest phenomenon...

1
Most Popular
Most Discussed
Read all user comments »
  • 36
    Saudi Arabia bans use of Western calendar

    Given that the start of the new month is determined by the moon sighting, isn't this going to make organising meetings for the following month a bit tricky... more

    Thursday, 24 May 2012 1:24 PM - Mark Renton
  • 27
    Disputed Gulf islands belong to UAE - poll

    It is the Arabian Gulf because firstly Persia hasn't existed since 1935 and, therefore, does not appear on modern maps. So, by saying Persian Gulf we are... more

    Sunday, 20 May 2012 7:40 PM - Juma Said Juma
  • 25
    Nakheel targets 'young and trendy' for Palm project

    Palm Jumeirah = Disneyland. Is this the kind of community to invest in for a home ???? or a hotel ? It baffles me why people would invest in an apartment... more

    Wednesday, 23 May 2012 4:13 PM - Paul
  • 19
    Iran eyes Google legal action over Gulf naming

    Instead of clinging to anything that reminisces you of your obliterated past, why don't you spend sometime fixing your disgraceful and humiliating present... more

    Tuesday, 22 May 2012 9:30 PM - Fahd
  • 16
    Kuwait's ruler blocks MPs' Islamic law proposal

    several good points made here however democracy is about all the people and there are over 4 million people in Kuwait, Kuwaitis and expats we the expats... more

    Friday, 18 May 2012 7:32 PM - james
Read all user comments »
Read all user comments »