Recognizing the booming property development, real estate and construction market in the Middle East and Asia, which presents sizeable potential for construction and engineering insurance, general insurer Royal & SunAlliance is seizing on the opportunity to expand its insurance capabilities in the region.
As part of this strategy, the insurance provider has recently appointed a leading construction and engineering expert in Hong Kong, Dr Zhou Hao Ming, who will spearhead regional development for the Middle East and Asia. At present, he is hiring teams of expert underwriters and claims handlers, as well as appointing people at a senior level across the Middle East.
Dr Zhou Hao Ming commented on the expansion plans: With the announcement of ambitious new construction projects in the United Arab Emirates (UAE) alone, we are confident of the profitability of our expansion plans. From commercial and residential buildings, luxury hotels and resorts, hospitals, schools, shopping malls, airport expansions and theme parks, we see the value of UAE’s current property development projects to be over $10 billion. With upcoming initiatives, this value will increase tremendously.
Furthermore, he added that the insurance group also saw further growth opportunities in nearby markets such as Bahrain, Egypt and Oman.