Egypt’s Wethaq Takaful, India’s GIC Re seen renewal by mid-December

Egypt’s Wethaq Takaful Insurance starts talks to renew reinsurance treaties for 2016 with a number of global reinsurers, notably the General Insurance Corporation of India (GIC Re), said its managing director.

Abdul Latif Sallam told Amwal Al Ghad Thursday that he expects to sign the renewal agreements by mid December.

GIC of India (GIC Re) is the sole reinsurance company in the Indian insurance market.

Upon the 2015 agreements, the Egyptian insurer has managed to raise its retention rates to 2 million Egyptian pounds, Sallam stated.