Libya: Insurer signs cooperation protocol with Insurance Institute of Egypt

Source: Middle East Insurance Review | Nov 2019

The Insurance Institute of Egypt (IIE) has signed a cooperation agreement with Benghazi-based Libyan Insurance Assurance Company to provide training for employees and clients of the Libyan insurer.

The training agreement is for a year, to be renewed automatically unless indicated otherwise, reported Sada Elbalad. The first training session started in mid-October with 55 trainees.

Mr Mohamed Dashish, executive director of IIE, stressed that the most important items of cooperation in this protocol are that the Institute will train the Libyan insurer’s cadres as well as some of its major customers who are keen to increase their insurance knowledge and know what is new in the insurance industry.

Libyan Insurance Assurance is a subsidiary of Libya’s Social Security Fund. The company was established in 2016 with a capital of LYD100m ($7.7m) and started operations in 2017. It holds 18-22% of the total premiums in the Libyan market, in which 25 insurers operate. M

LYD1 = $0.71

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