Africa Re, the continent's largest reinsurer, has generated premiums totalling $41m last year, in Egypt, Mr Omar Gouda, regional director, Cairo Office of the reinsurer, has said.
He said that Egypt is one of the promising markets in the region for the African reinsurer. Profit margins in the Egyptian market are in the 5-10% range, depending on the insurance branch, the size of the portfolio and the insurance company with which business was transacted.
According to a report by Amwal Al Ghad, the Egyptian insurance market is currently witnessing an increase in the number of companies and growth in technical and capital reserves. The market needs to work with reinsurers to cope with risks, said Mr Gouda.
In 2018, Africa Re completed establishing its regional centre for the Middle East and Africa region in Egypt at a cost of EGP120m ($7.6m). This centre focuses on serving the operations and activities of the African reinsurer in Egypt, northeast Africa and the Middle East.