In an interview with Emirates 24/7 Matt Waterfield, general manager at FPI, Middle East, said he sees a rise in employee benefits in the Middle East as a springboard to growth in the region’s nascent insurance industry.
He is reported to have said: "The main focus is on the UAE and we are currently speaking to another territory about getting a license there. Friends Provident have clearly identified certain regions around the world, the Middle East is one, for expansion and so we’re receiving investment in terms of being able to apply for this license.”
In a quote given to International Adviser Waterfield confirmed the company had intentions to expand but said there were currently no firm plans.
“We are constantly looking for new opportunities to grow our business,” said Waterfield. “We have no firm plans at the moment but are committed to developing FPI’s presence in the region, and are not ruling out any territory that could be a good fit with our current operation.”
Although Waterfield would not name a specific country where FPI had applied for a licence, he is reported to have mentioned Saudi Arabia, Egypt, Jordan and Qatar as markets holding great potential.
Waterfield also told the paper he expects growth to come from the employee benefits sector as companies try to woo international employees with pension benefits and life insurance.
He is reported to have said: “That’s the real exciting area for the Middle East, which is where group employee benefits will start to snowball because employers have to be competitive in the market.
“Previously employers would differentiate and attract talent purely by paying salary – who could pay the most? If that top talent is coming from Europe or America there is now the expectation there should be employee benefits attached to it.”
