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FINANCIAL NEWS
Dubai’s, Samsung Life Insurance to form partnership
14 May 2012
(MENAFN) Investment Corporation of Dubai (ICD) is set to form a joint business with Samsung Life Insurance, which aims at extending its footprint throughout the emerging markets, Financial Times reported.
ICD, which oversees the emirate’s corporate assets, seeks to reinforcing Dubai’s efforts to become the main portal for Asian companies seeking to move into the Middle East.
Both parties may consider extending business to include other non-life insurance products and other sectors, such as property.
Insurance premiums in the Gulf states are projected to grow at 20 per cent a year through to 2015 on high gross domestic product growth, according to a report by Alpen Capital.
Life insurance is growing at a faster rate than non-life insurance products, such as car and health, but from a lower base as it accounts for about 15 per cent of regional insurance premiums.
ICD is looking for growth, after four years backing the restructuring of indebted Dubai government-related entities, as the emirate’s USD110 billion debt burden eases.
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