Beirut, Lebanon; December 13, 2014: Zurich Insurance Middle East has reaffirmed its commitment to the Lebanese insurance market following concerns that the global insurer was to close its operations in Lebanon.
Zurich recently announced it is completing the liquidation process of its branch license in Lebanon – a license that was acquired by Zurich from ALPINA Insurance Company but has been dormant for the past 12 years. This announcement generated inaccurate reports that Zurich was to exit the market.
Zurich has been operating in Lebanon since March 2011 through its fully-owned subsidiary known as Zurich Insurance Middle East (ZIME). Zurich acquired this license in December 2010 when it took over Compagnie Libanaise d’Assurances SAL, which had held a composite insurance license in Lebanon since 1951 with branches in Kuwait, Oman and the UAE.
“Zurich remains totally committed to the Lebanese insurance market through its ZIME branch. The closure of the Zurich Insurance Company Ltd branch in Lebanon will have no impact on our operations in Lebanon,” confirmed Brian Reilly, CEO of Zurich Insurance Middle East.
Through ZIME, Zurich offers a broad range of personal lines covers in Lebanon, including its market-leading motor insurance products, as well as small business insurance solutions.
Zurich plans to extend its range of insurance products in Lebanon during 2015 with the launch of its acclaimed home contents insurance.
“We continue to see great potential in Lebanon and we are investing for further growth in the market,” added Reilly. “As part of our growth plans, we recently appointed Serge Flouty as the new Retail Distribution Manager for Lebanon and gave him the responsibility of expanding our business in the market.”