OIB introduces long-term insurance schemes in the UAE
Newcomer to the United Arab Emirates (UAE) insurance market, Oracle Insurance Brokers (OIB) is introducing a new range of long-term investment products, including educational plans, tailor-made retirement plans and various investment options, under the OIB operation license in the UAE, stated a press release
“The Insurance solutions we are now introducing have so far had a restricted availability in the UAE. Earlier outsourced from the reinsurance market, the solutions are now more accessible to the residents,” said OIB Managing Director Sunanda Kikla.
The products have never been freely available in the market due to lack of accessible underwriting experience for certain exclusive classes of insurance. Thus, people in the region have not been able to address their long-term financial planning needs with sufficiently flexible and portable solutions, stated the release.
While the local market for short-term insurance schemes is well established, long-term financial services are behind in their development, stated the release. “Most of the products traded, cover a one to five year time span,” added Kikla. — (menareport.com)
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