THE INTERNATIONAL - International Indian

[ BUZZ WORD ]
NEXUS: Maturing Insurance Markets Challenge
GCC Insurers to Raise Service Levels
Michael Walton, Director for General Insurance, Nexus
The GCC insurance market is rapidly
evolving as expatriates choose to call the
UAE and surrounding regions ‘home’
for longer periods of time. “More working expats
are adopting the mentality of entrepreneurs
and are willing to invest in commercial
and trading opportunities. Banks, wealth
management firms, insurers and financial advisors
need to identify challenges that could
arise as the industry expands and new government
regulations come in to place,” commented
Michael Walton, Director of General
Insurance at Nexus Group
One of the key challenges insurers face in the
UAE and across the region is the limited market
penetration of life insurance and non-life
covers. Although these are changing trends, it
is still paramount to raise awareness, educate
customers and offer standardised products.
“Market analysts strongly believe that life insurance
plays a key role to raise the level of
savings in an economy, plus channel savings
as funds into the capital market. Regional
economists understand this and look to encourage
the penetration of life insurance in
the Middle East,” added Walton.
As international and local insurers
compete for larger market shares, their
audience is becoming more economically
aware, globally connected and sophisticated
in their demands,” concluded Walton.
www.nexusadvice.com
Giordano achieves double
digit growth in the region
The Chairman and
CEO of Giordano International,
Dr. Peter
Lau, attended Giordano’s
annual regional meeting
and commemorated the
brand’s successful growth
and expansion in the region.
During his visit, Dr.
Peter Lau discussed the
ongoing global and regional
expansion as well as
the group’s brand portfolio
which includes Concepts,
Giordano Junior and BSX.
“Giordano is now
stronger than ever. Since
its inception in 1981, we
have been on an upward
trajectory that has taken the
brand to new heights. The Dr Peter Lau, Chairman and Chief Executive
Middle East is one of our Giordano International Limited
strongest regions. Despite
the current economic landscape, Giordano’s heritage and high
standards of operational efficiency in the retail world has ensured
that the brand maintains its momentum and achieves consistent
growth. We intend to continue this trend during the years to come,
without compromising on our quality and value,” said Lau.
ETA Star and its partners
raise AED2 million for
‘Habitat for Humanity’
Dubai Lifestyle
City, Homes
r Us and Star
Cement partnered
with ETA Star to
be part of this noble
venture. The
contribution from
the ‘Homes for the
Homeless’ initiative
will be used to
build homes for the
needy across India,
Pakistan, Bangladesh
and Ethiopia.
Commenting on the
Indian actor John Abraham, the goodwill ambassador
for Habitat of Humanity, receives a cheque worth
AED2 million from ETA Star and its partners on
behalf of Habitat for Humanity at a special event
held at the InterContinental Hotel, Dubai
partnership with the Homes for the Homeless initiative, Mr.
Rick Hathway, Area Vice President, Asia-Pacific region, Habitat
for Humanity International, said: “We are very thankful to ETA
Star and its partners for their involvement and contribution.
This donation would go a long way in providing a shelter
to people who are struggling to make ends meet -- without a
roof over their head. We hope initiatives such as this would set
an example for other corporate houses and be a catalyst in the
development of impoverished communities.”
78
THE INTERNATIONAL INDIAN