Zurich Insurance looks to double premiums to RM3 billion

Kuala Lumpur: Zurich Insurance Malaysia Bhd is looking to double premiums to RM3 billion in the near future from RM1.5 billion to date, says Chief Executive Officer Philip Smith.The insurance company also expects to grow its market share to five per cent in the next five years from around 3.5 per cent currently.

"We are relatively new in Malaysia. If you compare with the others (insurance companies) like Prudential or AIA, we've only been in the market for about four years.

"Our strategy is to try building our strength in smaller towns and secondary cities, while at the same time, develop our presence here (in Kuala Lumpur)," he told reporters after the launch of the "Eat Right to Play Right" programme here, Tuesday.

Initiated by the Asian Football Confederation, World Vision International and Football Association of Malaysia, Eat Right to Play Right is a four-year integrated community programme by Zurich Insurance and One Goal Malaysia.

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Through the collaboration, Zurich Insurance will contribute RM1 million per year.

Under the programme, a series of football clinics and other community-based activities will be conducted for boys and girls aged five to 12 from various backgrounds in selected communities across the country.

In line with the establishment of the Asean Economic Community by year-end, of which one of its main objectives is the development of small and medium enterprises (SME), Smith said the company already had the product to cater to the demand from the segment.

"SME sector is very big in Asean, which the real power house of the economy in Asean countries that I've been to. SMEs are a little different, they need quite specialised (insurance) cover.

"They don't need super sophisticated, very tailored cover line. They need ones that can be processed fast, covering their premises in case of any robbery or anything," he added.

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He said Zurich currently has one product, Optimuz, which is designed to serve the SME market.

Smith said that Optimuz is like a "menu-driven" product, offering eight different types of protection to cater to the demand from various types of SMEs. – Bernama

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