Arab Misr Insurance eyes $61mln-premiums by end FY 2015-16

Arab Misr Insurance Group (GIG) targets boosting the volume of its total premiums to reach EGP 480 (US$ 61.3million) during fiscal year 2015-16, Managing Director Alaa El-Zohairy said Wednesday.

El-Zohairy told Amwal Al Ghad that GIG is to announce contracting with two banks within the upcoming few days to promote its products in banks’ branches according to the regulations issued by Egyptian Financial Supervisory Authority (EFSA) and Egypt’s Central Bank (CBE) on bancassurance.

Arab Misr Insurance Group’s market share has reached around 2.5% in 2010 and has been increased to record 5% of Egyptian market’s all premiums and 10% of private sector’s premiums, the Managing Director stated.

Moreover, he asserted that the company is waiting the final approval of EFSA and CBE about launching the second investment fund with the capital of 100 Egyptian pounds.