Dubai 20th May 2009 - Research from Zurich International Life ('Zurich'), one of the leading international insurance firms, shows that expatriates in the UAE and Bahrain are becoming increasingly concerned about job security. This comes at a time when global markets and consumer confidence are at a low point.

According to the findings, over 50 per cent of expatriates in the UAE and 36 per cent in Bahrain are worried about their jobs, whilst amongst the NRI's (non-resident Indians) polled, the figure is higher - 64 per cent (UAE) and 61 per cent (Bahrain).

Carlos Sabugueiro, Chief Executive Officer, Middle East and Africa, Global Life Emerging Markets, Zurich said: "It is clear that the current financial crisis is having an impact on  professional expats, as around 80 per cent of people surveyed in the two countries feel their ability to save due to the impact of the global credit crunch has been decreased. Last year, all anyone could talk about was how to spend their bonuses and the continuing good times. Now they appear genuinely worried about losing their jobs."

Furthermore, many of those surveyed indicated that their work lives were also being affected by the credit crunch. Sabugueiro explained: "Work pressures in terms of reduced benefits, higher expectations and tighter budgets are also on the rise with 41 per cent of those surveyed in the UAE and 32 per cent in Bahrain experiencing these issues."

However, the report also discovered individuals believe the future is not so bleak, with 70 per cent saying that they were prepared to wait it out and 50 per cent very optimistic over their own financial futures. They all have faith in the economies of the GCC and their long-term health.

Sabugueiro continued: "Professional expats are here to stay and many of those who have spent ten or more years in the region know that the Gulf has an amazing ability to bounce back very quickly."

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About the research
The Zurich Wealth Monitor is a quantitative research study into the financial attitudes and feelings of Arab and non-Arab expatriates in the UAE and Bahrain. The study targets a clearly defined group of males and females over the age of 20 and earning at least AED 8000 per month in the UAE and BD 600 per month in Bahrain.

Zurich International Life is a business name of Zurich International Life Limited which is headquartered in the Isle of Man and is part of the Zurich Financial Services Group. ZIL provides both individual and corporate customers with real financial solutions to their international protection, life insurance and investment needs.

Zurich Financial Services Group is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Middle East, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 employees serving customers in 170 countries.

For further information, please contact:
Zurich International Life
Anisa Byrne (Head of Marketing Middle East)
+971 4 363 4582

Momentum Public Relations
Jade Mamarbachi 
+971 4 390 1630

© Press Release 2009