Swiss Life has opened a new insurance intermediation office at the Dubai International Financial Centre (DIFC) as part of the global expansion of its life insurance solutions business.

The new office was inaugurated in the presence of Wolfgang Amadeus Bruelhart, the Swiss Ambassador to the UAE and Abdulla Al Awar, the managing director of DIFC Authority.

Swiss Life is now expanding its business in insurance solutions for high net worth individuals – Private Placement Life Insurance – in order to tap into the growth market in the Middle East.

The company move comes close on the heels of the establishment of Swiss Life’s Singapore life insurance branch in spring this year to secure access to the Asian market.

The new office’s product portfolio comprises customised concepts for Private Placement Life Insurance (PPLI), integrating wealth management with high-end life insurance.

Swiss Life is co-operating with leading private banks and independent asset managers to sell these products, said a company official.

Peter Huber, CEO Private Placement Life Insurance, said “With the Dubai office we are ideally positioned to meet the requirements of international high net worth individuals."

"This market, with its currently low insurance density, enables us to position ourselves as an exclusive partner for customised life insurance and to exploit our growth potential," he noted.

Welcoming Swiss Life to DIFC, Al Awar said, "With the wealth of high net-worth individuals in the Middle East expected to grow at a rate of 15.3 per cent till 2012, the demand for specialised life insurance services catering to their needs is also bound to increase."

"DIFC will provide Swiss Life with a productive platform for establishing a firm foothold in the region and tapping these growth opportunities," he added.

The Dubai insurance intermediation office, established in the Dubai International Financial Centre, will be managed by Peter Traber.

The office received authorisation from the Dubai Financial Services Authority (DFSA) and is subject to its supervision.-TradeArabia News Service