During the press conference held this Monday, July 12, 2021, Mr. Mohamed Ramses Arroub Chairman and CEO of Wafa Assurance and Mrs. Abeer Helmy Saleh CEO of Wafa Life Insurance Egypt, announced the official launch of the activity of the Egyptian subsidiary. This launch follows the granting by the Financial Regulatory Authority (FRA) in August 2020 of the license to operate in the Life and Long-term Medical branches.

Wafa Life Insurance Egypt, 100% owned subsidiary of Wafa Assurance, with an equity of 150 million Egyptian pounds, has a value proposition focused on: -      

  • Protection and enhancement of savings
  • Protection of health
  • Inclusive insurance, with Taamine Iktissadi’s product offering dedicated to low income households

"Currently estimated at a valuation of $68 billion, The African insurance industry is expected to grow, especially in the North African region - which is the second-largest market after South Africa’s. Naturally, Egypt is on top of Wafa Assurance's priorities at the time being; given our ambitious plans to not only build on our current success but also bring value to customers in the markets where we operate," stated Aroub.

"With investment paid in capital amounting to EGP 150 million, we are determined to bring values and high-quality customer service, which shall contribute to the industry’s growth. Wafa Insurance Egypt will utilize the company financial strength and history of success to leverage its competitive advantages," said Saleh.

Wafa Life Insurance Egypt will leverage on the successful digital transformation of Wafa Assurance, and will use digital to ensure simplified customer journeys and a high quality of service. Wafa Assurance also aims to launch an assistance offer for the Egyptian market and the diaspora, and to rely on the skills of the Egyptian subsidiary for its expansion in English-speaking African countries.

Wafa Assurance is currently present in 6 African countries through 10 companies. This presence allows Wafa Assurance to cover 39% of the African insurance market excluding South Africa, with the ambition to achieve a coverage rate of 65% by 2025, through establishing in 10 African countries.

-Ends-

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.