Global insurer Zurich has reaffirmed its commitment to Bahrain's insurance market following concerns that the Swiss insurer was to close its operations in the kingdom.

Zurich is reducing the number of licences it holds in Bahrain from three to two in order to simplify its legal structure in the kingdom to enable more resources to be devoted to further improving customer service, said a a report in the Gulf Daily News (GDN), our sister publication.

It has announced the liquidation of the ZISME (Zurich Insurance Services Middle East) licence, which was registered in Bahrain in 1983 to administer and manage the activities of Zurich Insurance Group.

Zurich will continue to hold two licences in Bahrain providing a full suite of life and general insurance products and services.

Zurich International Life is a legal entity providing life insurance solutions; while Zurich Insurance Company provides general insurance products.

The brand has been operating in Bahrain for more than 30 years and is the only international insurer in the kingdom offering both life and general insurance products.

"Zurich remains totally committed to Bahrain's insurance market through its existing two licences," Zurich International Life in Bahrain general manager Andrew Dawson said.

"We continue to see great potential in Bahrain and are investing for further growth," he added.

Zurich Insurance Company general manager Sivaramakrishnan said the company was looking to reassure customers and distribution partners in Bahrain that the closure of the ZISME licence would have no impact on operations or service levels in Bahrain.

"Any existing business with ZISME will be seamlessly transferred to Zurich Insurance Company," he added. - TradeArabia News Service