During the press conference held this Monday, July 12, 2021, Mr. Mohamed Ramses Arroub Chairman and CEO of Wafa Assurance and Mrs. Abeer Helmy Saleh CEO of Wafa Life Insurance Egypt, announced the official launch of the activity of the Egyptian subsidiary.
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This launch follows the granting by the Financial Regulatory Authority (FRA) in August 2020 of the license to operate in the Life and Long-term Medical branches.
Wafa Life Insurance Egypt, 100% owned subsidiary of Wafa Assurance, with an equity of 150 million Egyptian pounds, has a value proposition focused on:
– Protection and enhancement of savings
– Protection of health
– Inclusive insurance, with Taamine Iktissadi’s product offering dedicated to low income households
“Currently estimated at a valuation of $68 billion, The African insurance industry is expected to grow, especially in the North African region – which is the second-largest market after South Africa’s. Naturally, Egypt is on top of Wafa Assurance’s priorities at the time being; given our ambitious plans to not only build on our current success but also bring value to customers in the markets where we operate,” stated Aroub.
“With investment paid in capital amounting to EGP 150 million, we are determined to bring values and high-quality customer service, which shall contribute to the industry’s growth. Wafa Insurance Egypt will utilize the company financial strength and history of success to leverage its competitive advantages,” said Saleh.
Wafa Life Insurance Egypt will leverage on the successful digital transformation of Wafa Assurance, and will use digital to ensure simplified customer journeys and a high quality of service. Wafa Assurance also aims to launch an assistance offer for the Egyptian market and the diaspora, and to rely on the skills of the Egyptian subsidiary for its expansion in English-speaking African countries.
Wafa Assurance is currently present in 6 African countries through 10 companies. This presence allows Wafa Assurance to cover 39% of the African insurance market excluding South Africa, with the ambition to achieve a coverage rate of 65% by 2025, through establishing in 10 African countries.