Morocco: Wafa applies for insurance licence in Egypt

Source: Middle East Insurance Review | Sep 2019

Wafa Assurance has reportedly submitted an application to the Egyptian Financial Regulatory Authority (FRA) for its initial approval to establish a subsidiary in Egypt.

The initial capital of the Egyptian subsidiary is expected to reach EGP150m ($9.1m). The exact amount is still being discussed with the FRA and will be finalised later.

The Moroccan insurer has engaged a law firm to provide legal advice on the formation of the Egyptian insurance subsidiary.

Wafa generated a total premium of MAD8.37bn ($875.8m) in 2018, up 4% y-o-y, and maintained its leading position with a market share of 20.2% against 20.7% in 2017. The insurer also leads the life segment with premiums growing by 5.7% to MAD4.68bn, accounting for 25.3% of the life business last year.

Wafa, the insurance brand of Morocco’s leading bank Attijariwafa Bank, already has six subsidiaries in four African countries, namely, Cameroon, Ivory Coast, Senegal and Tunisia. M

EGP1 = $0.06; MAD1 = $0.10

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