Gras Savoye Egypt – Insurance Broker has decided to postpone its expansion plan to the conflict-torn Libya, managing director Hamed Mabrouk told Amwal Al Ghad on Tuesday.
Citing the unstable political and security situation in Libya, Mabrouk announced the postponement decision. However, he expressed his optimism towards the revival of the Libyan insurance sector as soon as the country restores its stability.
The ongoing conflict in Libya as militant fighting intensifies, has led thousands of Egyptian nationals to flee the country.
Meanwhile, Gras Savoye Egypt is planning to inaugurate its branch in Kuwait within next September, Mabrouk noted, describing it as one of the most promising insurance markets in the region.
He further referred that Egyptian insurance activities have great presence in Kuwaiti market; therefore, establishing an Egyptian insurance broker in Kuwait was pivotal.
Moreover, Mabrouk said Gras Savoye Egypt’s upcoming branch in Kuwait would be the third in the region after inaugurating two offices in the Sudan and Jordan.