Egypt’s International Insurance Brokerage Postpones Expansions in Unstable Libya

Big 5

Egypt’s International Insurance Brokerage Company (IIBC) deterred expansion plans in conflict-torn Libya amid the ongoing militant fighting there, deputy general manager Samer Seoudy informed Amwal Al Ghad.

Seoudy further said on Monday due to the ongoing unstable situation in Libya, IIBC was forced to suspend multiple investments in the conflict-torn country.

However, the Egyptian official announced that IIBC is currently planning to carry out other expansions in the region by inaugurating its first branch in Kuwait within the upcoming period.

Choosing Kuwait comes in the light of being one of the key promising insurance markets in the region backed by its political stability, Seoudy noted.

On the recent security turbulence in Iraq, Seoudy asserted that IIBC’s investments in Iraq were not negatively affected by the fighting between militants associated with the Islamic State group, Iraqi security forces and their allies in northern and western Iraqi in recent weeks.