Egypt: Moroccan insurer receives life licence
Source: Middle East Insurance Review | Oct 2020
One of Morocco’s largest insurers Wafa Assurance has obtained a licence from the Financial Regulatory Authority (FRA) to launch its new life and health insurance unit in Egypt.
Currently, Wafa Assurance operates in Morocco, Tunisia, Côte d’Ivoire, Cameroon, and Senegal, according to a company statement.
Wafa Life Insurance Egypt, a fully-owned subsidiary of Wafa Assurance, has a paid-up capital of EGP150m ($9.5m).
The new company aims to focus on medical insurance products and participate in Egypt’s efforts towards achieving financial inclusion through offering economic insurance programmes.
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, Morocco’s biggest bank. M