The concept provides significant advantages not only to the banks and insurance companies but also to the customers. By utilising the bank's distribution network, insurance companies are able to reduce their distribution costs and pass on the benefit to their customers.
Since its inception in France in the thirties, Bancassurance has become immensely popular in most parts of the world. In the advanced countries in the West, it accounts for almost 25 per cent of all corporate insurance. However, it remains a virgin territory in the UAE and the Gulf region.
Abdul Mutalib Mustafa, General Manager of OIC, estimates the total UAE insurance market at about AED 3.2 billion in premium income per annum. Last year OIC's premium income was AED 255 million, giving it a market share of about 8 per cent.
Mustafa sees Bancassurance as a largely untapped market in the UAE. "OIC, the second largest insurance company in the UAE, by joining forces with a leading bank such as Mashreqbank to introduce Bancassurance products, will create a sizeable new market in the insurance business."
"Once again, Mashreqbank is proud to be playing a pioneering role in bringing these savings and convenience to customers in the region", says Omar Bouhadiba, Senior Vice President & Head of Commercial Banking Group, Mashreqbank.
He added that the agreement is not restricted to the UAE but covers all AGCC countries.
"Mashreqbank aims to become a one-stop-shop for all our customers' banking needs. Our network of 33 branches and unrivalled service levels, together with OIC's market leading expertise in insurance solutions, will help ensure Bancassurance becomes as popular in the UAE as it is elsewhere in the world," concluded Omar Bouhadiba.
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Mashreqbank and OIC tie up to offer 'Bancassurance' for corporate clients
- United Arab Emirates: Saturday, September 13 - 2003 at 12:20
- PRESS RELEASE
Mashreqbank and Oman Insurance Co. (OIC) have joined hands to offer corporate clients insurance products.
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About MashreqbankMashreqbank psc is one of the leading banks in the United Arab Emirates (UAE), with total assets of AED 23,700 million (US$ 6,452.5 million - as at 31st December 2002). It has been recently named by the prestigious Euromoney Magazine as the Best Bank in the UAE. It is the second oldest commercial bank in the UAE having originally been established as Bank of Oman Ltd. in 1967 in Dubai. Mashreqbank's diverse range of products and services include Corporate Credit, Trade Finance, Project Finance, Treasury, Correspondent Banking, Online Banking, Consumer Lending, Electronic Funds Transfer, Credit Cards, Automated Teller Machines, Call Center, and GSM banking, all founded on the most contemporary technology and service excellence.
About Oman Insurance Company
Incorporated in 1975, Oman Insurance Company (PSC) is the largest insurance company in Dubai with a premium income in 2002 of AED 255 million. The company is engaged in the general insurance and life assurance businesses and employs over 240 staff in offices across the U.A.E.
Oman Insurance's operations can be classified under two broad business segments, general insurance and life assurance. The general insurance category can be further classified into
motor, marine, fire, engineering, and general accident insurance. The life assurance segment comprises life and medical insurance. Its range of products is offered to both, individuals and a cross section of corporate clients starting from the smallest companies to the largest business houses in the region.
For further information please contact:
Maha Yassine
Corporate Communications Manager, Mashreqbank
Tel: Dubai 7066287
Jack Pearce
Matrix Public Relations
Tel: Dubai 3430888
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