Egyptian Saudi Insurance House Hit EGP188 mln Premiums in FY12/13

Abdel Raouf Kotb, Vice Chairman and Managing Director of the Egyptian Saudi Insurance House said his company attained EGP188 million premiums within the last fiscal year of 2012/2013, against EGP158 million achieved premiums in June 2012, with 18.9% growth rate.

Kotb has informed Amwal Al Ghad that his company is aiming to boost its premiums to EGP210 million during the fiscal year of 2013/2014, registering 11.7% growth rate.

Kotb asserted that the market share of Takaful Insurance company up 22.5%, against 5% from the total Egyptian Insurance market, aiming to boost its market share to 7.5% in the coming 3 years and to be supported with new marketing channels along with modernizing the insurance coverage and products.

He added that Saudi Insurance House is targeting to achieve 20% annual growth rates throughout the next financial customers, noting that the company’s results prove the success of the company to overcome the political and economic obstacles which passed by Egypt from 3 years ago.

He further illustrated that the company has recently modernized the credit documents and the insurance and political risks for the small and medium sized projects, pointing out that his company is planning to market these products in order to attain the company’s strategy and to allure new categories so as to support its share market.