Sudan: Shiekan Insurance targets 50% growth by 2017

Source: Middle East Insurance Review | Jun 2015

Shiekan Insurance & Reinsurance Co, Sudan’s largest Islamic insurance company, is targeting total contributions of more than SGD1.05 billion (US$795 million) in two years, 50% more than its 2014 volume of SDG702 million, said Managing Director Salah Eldin Musa Mohamed.

For this year, Shiekan aims to increase its contributions by 15% to SDG805 million, he told Al Mal News.

To meet its goals, the company plans to open 25 new branches in Sudan, extending its network from an existing 79 branches to 104 by 2017.

Sudan’s insurance market recorded contributions of SDG1.7 billion, said Mr Musa, citing the latest available statistics which were issued in 2013. There are 13 insurers in the country, and Shiekan has a market share of over 50%.

Mr Musa added that Shiekan has been affected by the secession of South Sudan in 2011. The insurer had four branches in the territory but has been kept out of the business in South Sudan due to political factors.

SDG1 = US$0.17

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