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- Improved Business Climate for 2017 Expected to Continue Through 2018
- Increasing Regulatory Requirements will be a Challenge for the Industry
Dubai, United Arab Emirates
The head of one of the Middle East’s leading independent financial services providers is predicting solid growth in 2018, but also a likely consolidation in the sector as the industry adapts to a changing regulatory landscape.
The CEO of the Nexus Group, Tarun Khanna, says that although the finance sector experienced a general slowdown in 2016, the market overall is now firmly in a recovery phase. He believes the positive trend will continue into the new year and expects growth of 8% to 10% in premium in 2018.
“2017 has been a much better year for us, this business is starting to grow again, and there are parts of our business that continued to grow right through the recession,” Tarun Khanna said. “2018 will continue this growth, but is also going to be a year of change right across the industry.”
As the market continues to recover, Tarun Khanna expects that regulatory changes will emerge as a growing issue for the industry during the coming year. He predicts that some financial services companies will struggle to meet increasing capital requirements, and may have to merge.
Khanna says regulators are also moving towards higher qualification requirements for those working in the industry. This will raise standards, but will also be a challenge for many consultants and operators.
“Nexus is well placed to meet the expected changes, but many smaller brokers will need to consolidate,” he said.
The Nexus Group, with its core operations of Nexus Insurance Brokers and Nexus Financial Services, is the largest financial advisor in the GCC region and one of the largest in Singapore.
It offers a range of insurance, savings and investment products to both corporate and individual clients, sourced from a range of international and domestic product providers.
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About Nexus Group of Companies
Nexus Group is the largest financial advisor in the GCC region, and one of the largest in Singapore, offering a composite suite of insurance, savings and investment products to both corporate and individual clients.
With fully qualified professionals, Nexus is a highly-trusted company. And as an independent organization, free from ties to a particular product provider, it can meet diverse customer needs with carefully selected solutions from the world’s foremost financial services & insurance companies.
Nexus has over 550 qualified professional consultants, and is supported by over 160 dedicated and skilled support staff and managers across Nexus Group offices, offering a broad range of licensed products from regulated providers.
The company was established in 2006 by Mahmoud Nodjoumi, Founder and Chairman, through a management buy-out of the distribution arm of Zurich International Life in the Middle East which had been established in the region since 1989.
With over twenty-five years of experience, Nexus operations are located in Dubai, Abu Dhabi, Lebanon, the Kingdom of Bahrain, Kuwait and Singapore to underpin a professional and high level of service to our clients.
Nexus Group is regulated for the provision of life insurance, savings plans, corporate pensions, group medical, and life programs, as well as various classes of commercial insurance, including employee benefits.
Media contact
Mark Robinson
Wallis, +971 55 127 9764
nexus@wallis-mc.com
