Egypt: Four new players enter market
Source: Middle East Insurance Review | Apr 2019
Sarwa Capital, a provider of financial solutions, including auto credit insurance and consumer finance, has received approval from the Financial Regulatory Authority (FRA) for the operation of two insurance companies with an initial capital of EGP100m ($5.75m) each.
One insurer is Sarwa Life Insurance which will focus on life and health insurance and long-term savings products. The other is Sarwa Insurance which will provide property and liability insurance, reported Daily News Egypt.
Sarwa Capital’s chairman and CEO Hazem Moussa said the group is expanding to introduce full-fledged services in the insurance sector through innovative, tailor-made products to meet the market demand, mainly individuals. The two new companies were registered last year.
The FRA’s green light for Sarwa Capital to engage in insurance business followed that granted to another financial group Tharwa Capital which has also set up two companies to offer life and general insurance services. Tharwa Life Insurance and Tharwa Insurance have issued capital of EGP100m each.
At present, there are more than 30 insurers operating in Egypt which has a population of 98m. M
EGP1 = $0.06