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Financial Institutions
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The UAE has one of the region’s most sophisticated and well developed financial sectors. The sector has emerged from the challenges of reduced economic activity and depressed oil prices following the global economic downturn, and is currently broadly profitable and growing at around five per cent per year.
Challenges remain around low interest rates, changing regulatory regimes, rising levels of non-performing loans, and higher operating costs. There are also issues around competition and differentiation in a crowded market, with further consolidation anticipated. But this is also a time of opportunity, not least in expanding fields such as Islamic Finance, peer-to-peer lending, fin tech, digitisation, mobile banking and AI-based banking services.
■ Why Sifra Watan P.M Services?
Sifra Watan P.M Services has supported financial institutions for more than 15 years. We work with many of the world’s leading banks, insurers, fund managers, stock exchanges and other financial institutions.
As we know that one size does not fit all in the complex world in which you operate, we work with you and your broker to understand your risks in detail and put together tailor-made cover for your particular circumstances. Crucially, our underwriters are empowered to make decisions and come up with innovative solutions.
We understand that the most important element of an insurance policy is the swift and sympathetic resolution of claims. Claims involving financial institutions are often highly complex and involve multiple parties, so clear, efficient communication is vital. In addition, we always look for ways to resolve claims promptly and fairly, while helping you to protect your customer relationships.
Our underwriting and claims team spans our core geographies – the Middle East, Western Europe, the UK, Australia and Canada – enabling us to harness local knowledge for the benefit of our customers. We also have excellent global capabilities; Sifra Watan P.M Services is one of the world’s leading insurers and we provide multinational solutions to some of the world’s largest and most diverse financial institutions.
■ Relevant products
Automotive Protection
We offer specialist affinity insurance and warranty products that can help you to enhance your brand and generate revenue.
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General Liability
Our General Liability cover offers effective protection against claims for damage or injury brought by third parties.
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Cyber
Our Cyber policy protects against the range of risks associated with cyber breaches and provides critical support in the event of an attack.
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Property
We offer comprehensive protection for damage to your organization’s physical assets, as well as business interruption.
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