Sudan: International insurers studying insurance market post-sanctions

Source: Middle East Insurance Review | Dec 2017

Representatives of several international insurance companies have visited Khartoum to study the situation in the Sudanese market and its prospects, following the recent lifting of US economic sanctions.

While domestic insurers, which number 14, fear new competitors entering the market, the government seeks to facilitate the entry of international insurance companies as the country moves to join the World Trade Organization (WTO), reported Asharq Al Awsat.

Accession to the WTO is expected by the end of November. In July, the Sudanese parliament passed a law to allow the opening of the domestic insurance market to foreign companies.

The insurance market in Sudan is expected to grow after the lifting of economic sanctions. A number of foreign investments have entered the country, and foreign insurance companies are expected to follow in their wake to insure their activities. M

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