GIG Insurance Eyes Launching New Branch In Upper Egypt

Arab Misr Insurance Group – GIG considers expanding geographically in Upper Egypt in the upcoming period.

The company will likely inaugurate a new branch or an outlet in Luxor or Aswan, said Makeen Lotfy, deputy general manager of Business & Products Development Sector at GIG.

GIG has recently launched a new branch in Minya and it has presence in all governorates in Egypt through Fawry outlets.

Lotfy affirmed that insurance companies shall give more attention to the Upper Egypt which have great projects and factories.

GIG’s insurance products witness high demand from customers in Upper Egypt as they cater to their needs especially agricultural and live stock insurance policies, he noted.

He revealed that the company plans to deal with two banks to provide customers with a way to pay premiums in installments and will also deal with a communications company to collect premiums from customers.

GIG will launch new insurance products in the upcoming period including lawyers, clinics and pharmacists insurance policies after being approved by the Egyptian Financial Supervisory Authority (EFSA).

GIG achieved premiums of EGP 267 million in the first nine months of FY 2012/2013, registering a year-over-year increase of 17%.