Gras Savoye Eyes EGP3mln Insurance Premiums for Jordan Branch by 2014

Hamed Mabrouk, managing director of Gras Savoye Insurance Brokerage Company, said his company is aiming to record EGP3million premiums in the new branch of Jordan during the first year of opening.

Mabrouk has informed Amwal Al Ghad in an exclusive, that it is schedule to inaugurate this new subsidiaries by the beginning of the new year, pointing out that the company has finalized all the measures and prices with the insurance Supervisory Authority in Jordan, asserting that the Jordan insurance sector will be reviving during the current time.

Mabrouk added that the turmoil situation in Libya delayed to open new branch in Libya, referring to not being able to travel to complete the licensing procedures and to engage activities ,explaining that the company is targeting to open the branch after the stability of the political situation there, which aims to collect EGP 10 million premiums for the insurance companies during the first year of the new branch in Libya.

He added that his company has recently opened its last branch in Compound V to become the second main headquarters for Gras Savoye along with its subsidiaries in Zamalek-Egypt area, explaining that his company is planning to expand geographically throughout opening two new branches in Alexandria and Upper Egypt within the coming period.

He further explained that the recent events contributed to prove the efficiency of insurance companies across paid compensations for the affected customers  by these events, especially in light of increasing insurance prices concerning the political and unrest violence, riots and civil unrest, labor strikes.

He also pointed out that the insurance sector in the Egyptian market has become a source to reassure local and foreign investors on their capital through the provision of various insurance coverages to protect factories and major investment projects against the current political dangers.