Dubai SME, the agency of the Department for Economic Development in the emirate mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with 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 insurance advice covering both general and life insurance to help SME100 firms better protect their businesses.
According to local reports, 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,” said Abdul Baset Al Janahi, chief executive officer (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.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.