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HSBC Names New Head Of Middle East Insurance

Mr. David will supervise all HSBC insurance businesses across the Middle East region, including Saudi Arabia and Egypt

HSBC Bank Middle East has appointed David Hunt as the head of insurance for the Middle East – reported AME Info.

Mr.Hunt will supervise all HSBC insurance businesses across the Middle East region, including Saudi Arabia and Egypt. He will oversee for the provision of insurance products and services for all of HSBC’s personal and commercial customers, including the development of its Shariah compliant, Takaful business.

Earlier, Mr. Hunt was the managing director of SABB Takaful Company, an Islamic insurance company in Saudi Arabia. SABB Takaful is a joint venture between the HSBC Group and SABB and is quoted on the Tadawul.

Simon Cooper, deputy chairman and CEO of HSBC Bank Middle East said: “Insurance is a strategic priority for the region and the HSBC Group. Here in the Middle East HSBC has a huge opportunity to become the largest distributor of insurance products across the region and David’s appointment underlines our commitment to achieving this.”

Mr. Hunt said: “The Middle East is a fast-growing market with the take-up of insurance products across the region growing significantly. We expect this trend to continue as more classes of insurance are made compulsory. Penetration levels for insurance products and per capital spend are well below the levels in developed markets.”