Economy & Politics

Egypt: green light for the start of Wafa assurance activities

Ramses Arroub, CEO of Wafa Assurance.

The Moroccan Wafa Assurance, a subsidiary of the Attijariwafa bank group, can now start its activities on the Egyptian market. The local subsidiary of the company obtained, Wednesday, September 2, the agreement of the regulatory authorities. Egypt, according to Wafa assurance officials, is one of the most “dynamic and very promising” markets in North Africa. Settling there was important in the company’s development plan in the region.

Wafa Life Insurance Egypt has a share capital of 87 million DH (150 million Egyptian pounds). In the market, it wants to “actively participate in the already remarkable growth of the insurance sector in Egypt, through a value proposition focused on the health coverage of policyholders, protection and enhancement of their savings.” Note that the company is already present in Ivory Coast, Senegal, Tunisia and Cameroon.

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