Cairo - Morocco's Wafa Assurance announced the launch of operations of Wafa Life Insurance Egypt with a capital of EGP 150 million after obtaining its licence from the Egyptian Financial Regulatory Authority (FRA) in August 2020.
In a press conference on Monday, the CEO of Wafa Assurance, Mohamed Ramses Arroub, revealed that the value of the insurance industry in Africa has reached about $68 billion, with expectations to increase in the future, especially in the North African region.
Currently, Wafa Assurance operates in six African countries, covering 39% of the African insurance market, excluding South Africa, through 10 companies.
The company aims to raise the coverage rate to 65% by 2025 by establishing more companies in 10 African countries, Arroub added.
The Egyptian unit has received the FRA's approval to launch six products in the local market; four of which have already been launched and the remaining two will be rolled out in the second quarter (Q2) of 2022, the Managing Director of Wafa Life Insurance Egypt, Abeer Saleh, said.
Saleh further revealed that the insurer is currently in talks with two banks to provide bancassurance services.
Translated by: Zeinab Adel
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