Global credit and political risk insurance broker BPL Global has obtained a brokerage licence in Dubai.
Granted by the Dubai Financial Services Authority, the licence allows the broker to undertake insurance intermediation in the Dubai International Financial Centre (DIFC).
The company has had a representative office in Dubai since June 2015, but its activities there have to date been limited to general marketing and business development. The office is run by Harriet Smith, senior executive officer, who will continue to head up BPL Global’s operations in the DIFC.
In a statement, Smith says she has seen a growing demand for credit and political risk insurance (CPRI) in DIFC, both from commodity traders, banks and corporates.
“Interestingly, they are not all current users of the CPRI product which speaks to the opportunity,” she says.
“Being able to service these clients’ needs locally – working with both local insurers and those in the London market – means not only a more personalised offering, but ultimately faster and better-priced coverage.”
BPL Global’s managing director Sian Aspinall adds: “It goes without saying that Dubai is an important market for our multinational client base and, while we have had a local point-of-contact for them since 2015, this constitutes a significant step forward in terms of what we can do in the DIFC. So far, our activities have focused on education. Now it’s time for action, focused on clients, old and new.”
With its new licence, BPL Global is now conducting insurance business through five offices globally, including in London, Paris, Singapore and Hong Kong.