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 ($9.4m).
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 a GDP of $300bn in 2019 and a population of 105m, Egypt is the third largest economy in Africa, the third most populated country on the continent, and its fourth largest insurance market with total premiums of $2.1bn,” the statement read.
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 which is Morocco's biggest bank.