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Double-Digit Growth for Region’s Insurance Industry

Nexus, one of the leading independent insurance brokers in the region, is predicting double-digit growth in the coming year, on the back of slower growth in 2009, due to the global economic downturn.

Nexus expects the slowdown to have encouraged more people in the region to take up personal insurance products to protect them from unforeseen circumstances, especially after suffering from job loss and salary uncertainty during the past year.

“Many people in the region suffered financial uncertainty in 2009 for the first time in their lives, and we have already seen that have a positive impact on demand for personal insurance products,” said Mahmoud Nodjoumi, owner and CEO of Nexus Group.

“We expect that trend to continue in 2010 and anticipate double-digit growth. This may sound ambitious, but you have to remember that much of the region has low insurance penetration at present, and so we are still playing catch-up with the US and Europe,” he added.

In response, the company is looking at extending its product offering to enhance its service to clients, and looking at new markets throughout the Middle East where insurance penetration, especially for life and Family Takaful products, remains small.

Rising health consciousness and continued government initiatives on insurance, especially in the UAE, are also expected to drive sales.

‘Both the Takaful and health insurance markets are expected to be growth sectors, and we are looking to captialise on that by working with providers to develop new products that meet our clients’ demands,” Nodjoumi revealed.

The company is recruiting additional qualified financial advisors to meet growing demand from local communities and expatriates. Nexus is also actively recruiting new advisers, especially nationals in the countries it operates, to train and equip them to enter the industry.

“As part of our growth plans we are looking to hire more local people. This makes good business sense in terms of understanding our clients’ cultural requirements and being able to effectively communicate with them – certainly it is important that we have a strong team of Arabic speakers if we are to provide the best possible service to our local clients,” Nodjoumi added.

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