DUBAI, Nov 26 (Reuters) - Zurich Insurance Group will exit its general insurance business in the United Arab Emirates by the end of 2016, after a review concluded the investment needed in the market was not justified by its limited growth potential.
Zurich, which will continue to offer life insurance in the UAE, has been reviewing its global general insurance business, its biggest source of revenue and which sells things like property and casualty insurance, under the unit’s new boss Kristof Terryn.
The retrenchment in the UAE, where intense competition in recent years has pushed down margins on premiums, means Zurich will stop offering new services to retail and small business customers from Nov. 30, with existing policies not being renewed after that date.
Zurich said on Thursday the exit would mean that a number of jobs will change or cease to exist, but it was too early to determine how many jobs would be impacted. It did not give any figures for its UAE sales. (Reporting by Hadeel Al Sayegh; Editing by David French and David Holmes)