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ZIC granted CBB licence

MANAMA The Central Bank of Bahrain (CBB) has granted a licence to Zurich Insurance Company (ZIC) to open a branch in Bahrain.

This allows the company to expand its activities as a general insurer from Bahrain, to provide services to their large corporate customers.

ZIC is a subsidiary of Zurich Financial Services (ZFS), headquartered in Zurich.

ZIC's presence will add value to the insurance sector in Bahrain and the region, through increasing the capacity of the insurance market with its experience and technical expertise.

"The CBB supports the expansion plans of ZIC by joining the general insurance providers group in Bahrain," said CBB director of licensing and policy Ahmed Al Bassam.

"The presence of international institutions such as ZIC, benefiting from the improved legislations and regulatory regimes applied in Bahrain, adds value to the leading role played by the kingdom as a financial centre in the region.

"There remain many opportunities in the insurance sector, as investment continues at a speed that exceeds most other parts of the world," he added.



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