Egypt: Moroccan reinsurer opens office in Cairo
Source: Middle East Insurance Review | Dec 2018
Morocco-headquartered Société Centrale de Réassurance (SCR) has opened a representative office in Cairo as it seeks to expand business in Egypt.
Mr Juma Zaki, an insurance expert and director of SCR in Cairo said Egypt is a promising market in the field of insurance. He pointed out that the contribution of insurance to the Egyptian economy is only about 1%, a small percentage encouraging insurers to enter the market, reported Youm7 citing a statement issued by SCR.
The Moroccan reinsurer also said the establishment of the representative office in Egypt fits into the framework of the company’s transformation plan, which seeks international growth by targeting markets with strong potential.
Through this, SCR hopes to offer its partners coordination and quick and efficient access to its reinsurance support; and to develop services with high added value, to support the growth of the insurance and reinsurance market in Egypt.
SCR is implementing an international development strategy, particularly in Africa. It recently opened representative offices in Abidjan, the business capital of Ivory Coast, and Kigali, the capital of Rwanda.
Mr Youssef Fassi-Fihri, CEO of SCR said the company chose to establish a presence in Cairo because the Egyptian capital is one of the largest cities and capitals in Africa and the world. These factors and recent economic reforms encourage many investors to seize investment opportunities in Egypt. M