Friends Provident International has opened its first office outside the airport free zone in Dubai. ...
Friends Provident International has opened its first office outside the airport free zone in Dubai.
The firm said the new office, in Dubai's central Burj Dubai Business Hub, supports its strategic aim of growing business in the region and positioning itself as a leading provider of quality products backed up by innovative use of technology.
A key element of the new office will be the introduction of FPI's Regional Development Centre, which will offer specialised financial training aimed at providing support for the company's key distributors, including insurance brokers, financial advisers and banks, throughout the Gulf Cooperation Council (GCC) region.
FPI obtained its first UAE licence in 2007, since when it has seen its Gulf business rise by 40% a year.
It said this has been driven by a boom in the mortgage market and growth in regular savings plans as more expatriates relocate to Dubai.
The firm now plans to develop multi-channel distribution, moving away from the traditional Western intermediary-centric distribution model.
Matt Waterfield, general manager (Middle East) for FPI, commented: "Under 1% of the adult population in the GCC have life insurance - this is much lower than take-up rates in more established markets such as Europe.
"People in the Middle East require access to high-quality, affordable products that have been specifically designed for the region. FPI has the product knowledge and experience to be a key player in the Middle East."
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards