Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a Memorandum of Understanding (MoU) with global insurer Zurich to provide insurance advice and risk management insights to the Dubai SME100 companies.
Under the terms of the MoU, Zurich will organise joint seminars with Nexus, Dubai SME’s broker partner, on insurance and risk management for SMEs. Zurich will also offer bespoke insurance advice – covering both general and life insurance – that will help the SME100 firms better protect their businesses.
The MoU is significant in that many SMEs in Dubai and across the wider region are failing to get adequate insurance cover or undertake risk assessments. As a result, the SMEs are unnecessarily exposed to unforeseen risks that could threaten the very existence of their business - risks that could be mitigated by partnering with an insurance company and getting adequate cover.
“Our SMEs need to understand and appreciate better the role of insurance and risk management in their business security and sustainability,” commented Abdul Baset Al Janahi, CEO of Dubai SME. “Dubai SME is therefore pleased to partner with Zurich and related stakeholders to increase awareness on insurance as a long term security and investment strategy.”
“SMEs play a key role within the economy and so we are delighted to be supporting Dubai SME by providing insurance advice and risk insights,” said Brian Reilly, CEO of Zurich’s General Insurance business in the Middle East. “We don’t just provide insurance cover. We act as a partner with SMEs to ensure that their business continuity plans can be executed during any unforeseen eventuality that may affect the operation of its business.”
Launched under the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, Dubai SME100 identifies the top-performing SMEs in Dubai to help groom them into bigger and more sustainable enterprises, and support them through their growth into larger, internationally-oriented companies.
Zurich will be working closely with interested SME100 companies by providing risk insights and bespoke insurance advice. The intended outcome is to increase awareness and understanding of the key role that insurance and risk management play in the future growth of a business among the Dubai SME100 companies.