Egyptian Takaful Company Non-Life Considers Increasing Premiums

The Egyptian Takaful Company (Non-Life) targets to increase the volume of premiums in some insurance sectors including fire, engineering, cargo marine, compulsory car and miscellaneous accident insurance sectors in the upcoming period, said Ahmed Arfin, Managing Director of the Company.

The company plans to keep the volume of premiums in supplemental car, marine hull and medical insurance sectors. The medical insurance sector places a huge burden on the company as it posted bad results. The healthcare companies shall be the only issuers of medical insurance policies, Arfin suggested.

The Company deals directly with 10% of the customers and conducts 90% of the insurance activities though brokers and producers.

The Company was planning to launch new branches in Hurghada, Mansoura and Ismailia in FY 2011/2012, but the unrest the country witnessed has made the company delayed its plan to the current year, if the economic and political situations improved.

The Egyptian Takaful Company (Non-Life) targets to increase premiums to EGP 250 million in FY 2012/2013.