Wednesday, April 18, 2012

Zurich Financial Services launches Singapore subsidiary

SINGAPORE: Zurich Financial Services on Wednesday announced the launch of its subsidiary Zurich Life Insurance (Singapore).

The new subsidiary was launched after its successful registration as a direct insurer by the Monetary Authority of Singapore

Zurich says the new license will enable them to tap into the entire Singapore insurance market.

Previously, Zurich operated under a defined market segment license which allowed it to serve corporate and high net worth individuals, or about 5 per cent of the Singapore insurance market.

But Graham Morrall says that this does not mean Zurich will go after the entire mass market segment.

"We will focus on the affluent and emerging affluent customer segment. We have identified this group as people who make S$6,000 to S$8,000 a month, with S$200,000 worth of investable assets," he said.

Zurich intends to double its agency force in Singapore to 100 by the end of this year.

- CNA/wm

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