It has just been formally announced that Standard Life is pulling out of the UAE market with immediate effect. The UK insurance company is a relatively new provider in this region, but due to issues with licences from the UAE Insurance Authority, they have effectively been prevented from offering plans via licensed brokers.
There are no concerns or issues with the parent company which is one of the best known and respected UK insurance companies, but it seems that a strategic decision has been taken.
Anyone who has a plan with the company that has been arranged through the UAE office will not lose out and Standard Life will be contacting all clients directly to advice of the decision. Although plans will be closed, I have been assured that no one will lose out financially and the company has generous terms of repayment.
I have already contacted those of my clients who have plans with the offshore division of Standard Life, but if anyone else reading this has plans and requires advice on what they should do next, please do not hesitate to contact me.
Another informative post, thank you 🙂