African Reinsurance Corporation (Africa Re) said Wednesday that it expects this year premiums in Egypt would shrink to $45 million driven by the Nov. 3. Egyptian currency devaluation.
“The devaluation of Egyptian pound against U.S. dollar will lead our portfolio in the country to fall by around 4 percent.” Africa Re regional director Omar Gouda told Amwal Al Ghad on Wednesday.
In 2016, Africa Re’s Egypt portfolio of premiums reached $47 million.
The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.