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Nexus Predicts Double-Digit Growth for Region’s Insurance Industry in 2011
2010 Saw Sector Grow in Wake of 2009 Economic Downturn which Boosted Demand for Personal Financial Planning .
January 7, 2011 10:53 by Rasha Reslan
Nexus, one of the leading independent insurance brokers in the region, is predicting double-digit growth in the coming year, on the back of rising sales of both general insurance and life and saving products throughout 2010 in the wake of the previous year’s economic crisis.
In 2010 Nexus saw demand for general insurance products rise by 45 percent while life and savings part of the business grew by 36 percent – a trend the company expects to continue in 2011.
“Nexus has seen both its general and life insurance business grow substantially in the past year and we expect this to continue in 2011 as more and more people in the region begin to understand and recognise the importance of personal financial planning in their day to day lives,” said Mahmoud Nodjoumi, owner and CEO of the Nexus Group.
“Predicting another year of double-digit growth 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.
Takaful insurance is tipped to be one of the strongest growth areas in insurance across the region next year as both Muslims and non-Muslims look for more ethical personal finance products. Nexus has been recognised as an industry leader in Sharia compliance after being awarded the prestigious “Best Takaful Brokerage” award at the International Takaful Summit in London last July.
“Nexus is a very responsive and ethical organisation that cares about giving quality advice and building trust with clients. Winning the Takaful award is recognition that as a company we are ready, and able, to embrace alternative forms of financial services and to provide our clients with exactly what they want, to fulfil their individual needs,” commented Nodjoumi.
Nexus, which has offices in the UAE, Doha and Bahrain, with two new offices opening in early 2011, now offers its clients the choice of over 20 insurance and investment products, many from some of the best Fortune 500 Insurers and is looking at extending this range further in 2011 to enhance its service to clients.
In 2010, Nexus also increased its workforce across the Gulf to include 310 Financial Consultants to meet growing demand from local communities and expatriates and is actively recruiting new consultants, especially nationals in the countries in which it operates, to train and equip them to enter the industry
“Our recruitment success in the past year has been very positive and we are actively seeking to recruit people from among local populations. We view Arabic speakers as central to our goal of offering the best level of service to each and every one of our clients. We are committed to investing in training for our people and continue to add to the training programmes we offer,” added Nodjoumi.