Egypt- Libano Suisse Approves 7 New Products, EGP60 mln Targeted Premiums

Bashar Sawas, Managing Director of Libano-Suisse Insurance Co said his company obtained the approval of the Egyptian Financial Supervisory Authority (EFSA) for 7 new insurance products which offered by the company during its first year in the Egyptian market.

Sawas explained in an exclusives that these products include 5 new documents of life insurance , against two products for the medical insurance and which targeted to enhance in cooperation with Care Health Management and TPA Services.

He revealed that his company aims to attain EGP25 million premiums by the end of the current year of 2014, noting that it plans to boost the achieved premiums volume to register EGP60 million within the next 3 years.

Furthermore he added that Libano-Suisse Insurance succeeded to renew reinsurance agreements with ‘Hanover Re’ of the current year, but it has a new agreement with ‘Munich Re’, pointing out that the company is negotiating with some banks to activate the banking marketing of its products according to the banking insurance mechanism.