Egypt – Ins. sector attracts investments
Thursday, 07 26 2018, Category: Insurance and Reinsurance, Country: Egypt
A group of holding companies and investment banks show an increased interest in the insurance sector during the latest period by establishing units specialized in insurance or by adding insurance activities to the main activities in order to expand business related to non-banking financing and turn into comprehensive financial entities.
Moreover, investors want to take advantage of the vitality of the sector and the strategy launched by the Egyptian Financial Supervisory Authority in order to promote non-banking financial services and raise insurance premiums from EGP 24 billion to EGP 50 billion as well as raise the contribution of insurance to GDP to more than 1%.
Moreover, Mr. Kareem Awad the executive director of Hermes Investment Banking said that he plans to add insurance activities during the next period in order to expand in non-banking financial services.
Source: Al Mal News