after global growth, zurich international life opens new office in singapore
Zurich International Life has been granted a licence to operate in Singapore. This comes as the insurer said it has enjoyed growth in all its geographical regions in the first half of 2005.
It claims to be the first Isle of Man insurer to have gained a licence from the Monetary Authority of Singapore (MAS). Martin Davis, chief executive of Zurich International Life, said the office in Singapore will be officially opened in the last three months of this year, and will be backed by a campaign to promote Zurich. Initially, the Singapore office will have three salesmen and two administrative employees with the aim of doubling its size over the next year.
Davis said its strategy in Singapore will be similar to Hong Kong. "You can never be sure about a distribution market until you start. But we expect to be focused on the advisory market in Singapore with the majority of demand being for regular premium products. We would expect the main client base to be expats and some locals.
"Many of the advisers we deal with in Hong Kong also have operations in Singapore." Davis added that Zurich has applied for product and fund approval from the MAS.
Davis said that Zurich International Life enjoyed positive returns in the first half of the year. "Hong Kong has been very strong. Our salesmen do not see any sign of a slowdown in this market either. Our business has benefited from the fact there appears to be more people working abroad and being sent overseas by their companies. They want to protect themselves against illness and are keen to save.
"We also get business from Hong Kong Chinese. They have interests overseas and travel a lot. A lot of business from Hong Kong goes into regular premium products. This is good because it tends to be more long-term business."
As well as British expatriates, Davis said a large part of its customer base is the non-resident Indian market, particularly in the Middle East. "We are looking to service non-resident Indians elsewhere in the world as they like our regular premium product. Thus, we are looking to expand in other centres of non-resident Indians. London is one place that stands out."
The other area in which Zurich Internationa Life plans to expand is continental Europe.
Advisers licenced by MAS
58 financial advisers have licences from the MAS. These include:
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Affinity Financial Consulting Alpha Financial Advisers
Cornerstone Planners Eternal Financial Advisory
Financial Alliance Foundation Life Planners
Frontier Wealth Management GYC Financial Advisory
Inter-Alliance International IPP Financial Advisers
Javelin Wealth Management Life Planning Associates
MAA Financial Planners Masterlife Planners
Millennium Financial Services P&C Global Wealth Managers
Professional Investment Promiseland Independent
Ray Alliance Life Planners Sieger Private
Wilfred T Fry Wynnes Financial Advisers
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