Selling traditional insurance in the Middle East has been a famously problematic business. There are socio-cultural difficulties on top of the usual barriers to entry in an industry dominated globally by big American and European players.
Life insurance and even buildings and property insurance have remained an under-exploited market in the region; demand has remained weak by international standards, and market penetration low.
So it is just as well that Nathan Parnaby, who recently launched the Arabian Gulf business of Standard Life with an office in the Dubai International Financial Centre (DIFC), stresses that his company is "less a risk-taking insurer, more a savings and investment company".
This makes Standard's new business here part of the wealth management industry, and this is something the region, with high standards of living and energy revenue-backed capital, understands well.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/finance/standard-bearer-for-managing-gulf-wealth#ixzz2JOQ3vvC0
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