Gras Savoye Egypt – Insurance Broker plans to inaugurate its new branch in the Hashemite Kingdom of Jordan next December, said the company’s managing director on Wednesday.
Mr. Hamed Mabrouk, Managing Director of Gras Savoye Egypt, stated that his firm will be opening up its second branch in the Arab world in Jordan next December.
Grasa Savoye has become the exclusive insurance broker for mining companies in the Sudan as it earlier assigned insurance companies to insure the Ariab Mining Company.
Mr. Mabrouk further told Amwal Al Ghad that his firm has completed all the procedures and licenses processes with Jordan’s Insurance Commission.
“Jordan’s insurance sector is booming through the current stage;” said Mr. Mabrouk
Elsewhere, Gras Savoye Egypt’s MD attributed to the postponement decision to inaugurate the company’s branch in Libya to the ongoing political turmoil besides the incompletion of all the licenses procedures with the Libyan Insurance Supervision Authority up till now.
For the Libyan insurance market, Mr. Mabrouk expected that it will revive within the coming 5 years from now as soon as the country restores its stability.
Referring to the Sudanese branch, he said his firm has incurred 10% decline in the volume of its targeted premiums during the first half of 2013. This comes in comparison with 30% rise in the first half of 2012.