Kuwait-headquartered Gulf Insurance Group (GIG) has improved its business profile, earnings and assets diversification following its integration of AXA's operations in Saudi Arabia, the UAE, Qatar, Oman and Bahrain that it acquired in September 2021, notes Moody's Investors Service.
Insurance companies that will be renewing their reinsurance agreements in July are facing tight conditions in the credit, medical, marine, and natural disaster branches.
Suez Canal Insurance's (SCI) operating performance is regarded as adequate, with the company having reported a five-year (FY2018 - FY2022) weighted average return on equity (ROE) of 15.7%, says AM Best.
Some motor insurance companies have appealed to their customers to increase the insured sums to a level commensurate with the actual value of their vehicles.
Insurance companies in Egypt face five major challenges in applying the international financial reporting standard IFRS 17 -Insurance Contracts, according to Mr Ahmed Nagy, an actuarial consultant of Lux Actuaries & Consultants, an independent actuarial consultancy.
The Financial Regulatory Authority (FRA) has developed a strategic plan based on four main axes to increase insurance penetration and raise the insurance sector's contribution to the economy, according to Dr Mohamed Farid, chairman of the regulatory body.
The insurance industry in Egypt has seen a significant increase in demand for natural disaster insurance, especially among businesses located in coastal areas.
The Financial Regulatory Authority (FRA) has issued a decision requiring insurance companies to link their databases electronically with that of the Authority.
Wethaq Takaful Insurance Company in Egypt has started the process to convert its operations from takaful to the conventional insurance system.
Kuwait-headquartered Gulf Insurance Company has announced that its subsidiary GIG Egypt had signed an agreement to acquire AIG Egypt for EGP196.97m ($6.4m). The stake to be acquired is 95.02%.