Egyptian Saudi Insurance House Eyes Expansion In Upper Egypt

The Egyptian Saudi Insurance House (ESIH) plans to expand geographically in Upper Egypt in the upcoming period, said Abdel Raouf Kotb, managing director of ESIH.

The the industrial sector in Upper Egypt is currently developing and this will accordingly boost the business volume of insurance companies, he affirmed.

The main roles of insurance companies are expanding geographically to serve all segments of the society and creating integration between insurers to serve all kinds of customers, Kotb added.

ESIH also targets to open a representative office in Assiut, as part of the insurer’s plan to expand in Upper Egypt, said Moustafa Mhanna, director of technical and administrative affairs at the company. The insurer also asked for the Egyptian Financial Supervisory Authority’s approval to issue a new insurance policy, Mhanna added.

It is worth mentioning that the Egyptian Saudi Insurance House targets to achieve premiums of EGP 175 million in FY 2012/2013, with an annual increase of 10.7%.