Dubai-Mubasher: Zurich said it will begin a phased closing to new retail and small business customers in its general insurance business in the Middle East as of 30 November 2015.

Subject to an assessment of contractual obligations, existing portfolios in this business will be put into run off, the company said in a press release.

Accordingly, the company will effectively exit its general insurance businesses by the end of 2016 or as soon as possible thereafter.

The decision only affects the general insurance business in the Middle East, while Zurich remains firmly committed to its life insurance business.

Zurich’s global corporate business will continue to underwrite new policies under the Dubai International Financial Centre (DIFC) reinsurance license and will stop underwriting new policies under the onshore license through branches in UAE, Oman, Kuwait, Qatar, Bahrain and Lebanon.