Clint Draper, Head of Small Business, Zurich Insurance Middle East

Taking Care of Business
December 2012
Clint Draper
Zurich Insurance Middle East
Who am I and why am I here?
• Head of Small Business at Zurich Insurance
• 10 years experience managing claims
• Two years in Zurich Australia, the No 1. SME insurance provider
SME’s in the UAE
• 190,000 business owners.
• Low insurance penetration
• Lack of understanding of insurance
• Negative mindset
What is insurance?
• Security against an unexpected accident occurring to you or your
• Insurance, in the simplest terms, means you pay a lump sum to get
protection against a large loss.
History of insurance
• Used by Chinese and Babylonian traders in the 3rd and 2nd millenia
• Chinese distributed their wares across many vessels to limit loss
• Babylonian merchant loans – paid the lender an additional sum in
exchange for the lenders guarantee to cancel the loan should the
shipment be stolen or lost
Why do we need insurance?
• Lends security
• Keeps the economy floating, ensuring that banks have enough moving
cash to keep businesses and industries running.
• Insurance means you do not have to be on the streets, if the bread
earner passes away, or the roof over your head is snatched away
• Or your life savings are stolen
For businesses - Risk Management
• Do you have a risk management program?
• Have you Identified what the risks are for your business?
– Using reputable banks
– Checking your suppliers
• True risk management program
Managing your finances
Managing your customer data
Cash flow – making sure that your income doesn’t get affected
Pay for your home, your family, people who you trade with also have
a financial stake in your business
– Ultimately your customer will be affected
Can this happen to you?
Fire 1 - Al Sajjah industrial area.
Petrochemical warehouse
Barrels containing chemicals and
petroleum material were gutted
Fire 2 – gutted a construction site
in Al Taawun
Two workers suffered moderate
Can this happen to you?
JLT Tamweel fire
• Residents lost all their
• Businesses in the building
were impacted
• No access to the premises
fires in 2012
10 a day
Can this happen to you?
• Business owner running a
garment shop
• Brings his consignments from
• Stores it in a warehouse.
• Whilst transporting it to the
mall, his truck turns over
Can this happen to you?
• Global attacks on ships by
pirates rose to 266
• More than 117 ships were
attacked and 20 seized by
pirates of the coast of Somalia
Other important covers you should also
Personal Indemnity
Worker’s Compensation
Medical Insurance for your employees
Directors and Officers liability
Fidelity Insurance
Personal Accident
• Be mindful of being underinsured or having inadequate insurance
What to do next
Identify the risks in your business
What to expect from a broker
• Pick an industry professional. Someone that will take the time to
understand your business
• He will identify the most appropriate price for you
• Price is important but shouldn’t be the only deciding factor
• Pick some one with Integrity
• Make sure he is an expert in the Small to medium size arena
What to expect from an insurer
• Insurer with a global reach
• Service you anywhere in the world
• One that has been in existence for a number of years
Zurich has been in the Middle East
for 25 years…
GI: Acquired license and
branch in 2010
Life: Established in 1986
GI: Obtained license and
opened Bahrain office in 2009
GI & Life: Acquired license
and subsidiary in 2010
United Arab Emirates
Life: Obtained license and
opened Qatar office in 2007
Life: Established in 1986
GI: Reinsurance license
obtained in 2009. Acquired
onshore license and branches
in Dubai, Abu Dhabi, Al Ain and
Sharjah in 2010
GI: Acquired license and
branch in 2010
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