Egypt’s Financial Regulatory Authority (FRA) has granted Wafa Life Insurance Egypt the licence to operate in the Life and Long-term Health insurance branches in the Egyptian market, the company announced Wednesday.
Wafa Life Insurance Egypt, a fully-owned subsidiary of Wafa Assurance Morocco, has shareholder equity of EGP 150m ($9.4m). It aims to actively contribute to the already signifianct growth of Egypt’s insurance sector, the company said in a press statement.
“With a GDP of $300bn in 2019 and a population of 105 million, Egypt is the third largest economy in Africa, the third most populated country on the continent, and its fourth largest insurance market with total premiums of $2.1bn,” the statement read.
Wafa Assurance has a presence in Morocco, Tunisia, Senegal, Ivory Coast and Cameroon, where it achieved $1.1bn of revenues in 2019.
According to the statement, Wafa Life Insurance Egypt will take part in the Egyptian government’s financial inclusion programme, by promoting the “Taamine Iktissadi” offer.
The programme is easy to understand, simple to subscribe to, and offers speedy claims and an affordable range of prices and terms. It also looks to offer a range of insurance products intended for a large audience in the Egyptian market.
With the establishment of the new subsidiary in Egypt, Wafa Assurance reaffirms its strategy to grow its presence across Africa, relying on the synergies it has developed with the Attijariwafa Bank Group.