Citibank and global insurer Zurich Insurance Group have signed an exclusive 15-year strategic agreement to offer Zurich’s comprehensive life insurance solutions to Citi’s consumer clients throughout the Middle East.

The deal covers the UAE and, subject to regulatory approval, Bahrain and Citi’s Non Resident Indian (NRI) business in the Middle East, said a statement.

It is expected to commence next year and has been designed to deliver greater value and service to customers who are increasingly seeking quality insurance products in the region, it said.

Dinesh Sharma, head of Consumer Banking for Middle East and North Africa (Mena) for Citi, said:  “This agreement helps us provide more value to our clients across our network in the Middle East and delivers better access to high quality, tailored life insurance products and services that suit their needs. We are excited by the opportunities ahead that this partnership offers and we look forward to working further with Zurich across our network in the Middle East.”

Jawed Barna, chief executive officer of Zurich MEA, said: “I am delighted to formalise our long-term relationship with Citi with an exclusive arrangement. This strategic agreement will enable us to further invest in the development of world-class propositions and services for Citi’s customers.

“It also underlines Zurich’s continued commitment to invest and grow in the region and further consolidates Zurich’s position as the leading life insurer in the Middle East.” - TradeArabia News Service