Gulf Insurance Company Expands In UAE Through Acquiring Alliance Soon

Kuwait’s Gulf Insurance Company K.S.C. (GIC) plans to expand regionally in United Arab Emirates in the upcoming period.

The company has recently acquired 20% of Alliance Insurance – Dubai as a first step to expand into the Emirati market in the next period, and it targets to acquire the entire shares of Alliance Insurance in the next few months, said Alaa El-Zoheiry, managing director of the Arab Misr Insurance Group (AMIG) which is a subsidiary of GIC.

The Kuwaiti company has succeeded in launching new branches in Algeria and Morocco, he added. The Algerian insurance market is one of the promising markets in the meantime because the country’s economy is currently booming and flourishing, in addition to having population of about 35 million.

Gulf Insurance Company K.S.C. (GIC) was established in 1962. GIC is a public shareholding company listed on the Kuwait Stock Exchange and a market leader in Kuwait in terms of premiums written, both in life and non-life insurance.

 

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IFE head: IMF deal testament to strength of Egypt’s economy

The International Monetary Fund’s (IMF) new loan agreement is a certification of confidence and a testament to the strength of the Egyptian economy given the recent economic reforms and infrastructure projects, said head of Egypt’s insurance federation (IFE).

Alaa El-Zoheiry, who is also CEO of GIG-Egypt, further told Amwal Al Ghad that the deal reflects the IMF officials’ trust in the recent economic measures implemented by the Egyptian government.

On Friday, IMF board approved a 46-month $3 billion financial support package for Egypt.

“Egypt’s IMF-supported programme presents a comprehensive policy package to preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.” the IMF added in a statement.

Over the course of the programme, the IMF said it will catalyse additional financing of about $14 billion from Egypt’s international and regional partners.

Moody’s affirms GIG Egypt’s Ba2 rating, stable outlook – official

Moody’s Investors Service has affirmed the Ba2 insurance financial strength rating (IFSR) of GIG Insurance – Egypt (GIG Egypt) and maintained its stable outlook, GIG managing director Alaa el-Zoheiry told Amwal Al Ghad on Sunday.

el-Zoheiry’s remarks were made after his meeting with representatives of Moody’s to renew the company’s rating.

The latest rating supports GIG Egypt’s strategy to boost its market share in the Egyptian insurance market by carrying out digital transformation policies in line with the state’s plans to achieve financial inclusion across all sectors, el-Zoheiry said.

Earlier, Moody’s announced in March the completion of a periodic review of the ratings of GIG Egypt.

“Given the strong brand association with the Group as well as the sharing of technical expertise, reflecting the Group’s continued commitment to the region, Moody’s incorporates three notches of support into GIG Egypt’s IFSR,” the rating agency said in a statement in March.

“GIG Egypt’s stand-alone credit profile reflects its top three position in the Egyptian P&C insurance market and a growing brand, good product diversification of non-life products and very good operating profitability.”

GIG – Egypt eyes 10% y-o-y surge in FY2020 premiums

Egypt’s Arab Misr Insurance Group- GIG says it targets a 10 percent increase year-on-year in premiums to around 1.2 billion Egyptian pounds ($74.4 million) within the 2019/2020 financial year.

The firm’s premiums rose to 1.1 billion pounds during the 2018/2019 financial year from 971 million pounds during the 2017/2018 financial year, its managing director Alaa el-Zoheiry told Amwal Al Ghad on Saturday.

“We paid total compensation worth 370 million pounds during the last financial year against 300 million pounds during the financial year 2017/2018, marking a growth of around 70 million pounds,” el-Zoheiry said.

GIG – Egypt eyes 10% surge in FY20 investments – official

Egypt’s Arab Misr Insurance Group- GIG targets a 10 percent year-on-year increase in its investments within the 2019/2020 financial year, managing director said on Wednesday.

“We seek to raise our investment portfolio to 1.23 billion Egyptian pounds ($76.1 million) at the end of next June from 1.12 billion pounds at the end of last June,” Alaa el-Zoheiry told Amwal Al Ghad.

The company has posted returns from investments up to about 137 million pounds during the last financial year, el-Zoheiry added.

GIG-Egypt says launching micro-insurance policies to 130,000 clients

Egypt’s Arab Misr Insurance Group- GIG has launched micro-insurance policies benefiting so far around 130,000 clients since it obtained the regulatory licence, its managing director said on Sunday.

The policies are with premiums totalling 6 million Egyptian pounds ($361,532), Alaa el-Zoheiry told Amwal Al Ghad.

“They’re with total sum insured between 5,000 and 20,000 pounds for each client,” el-Zoheiry said.

GIG aims to double its premiums for micro-insurance activity in the coming years by reaching more agreements with microfinance companies, he added.

The company cover the personal accidents for owners of the micro-sized projects, el-Zoheiry said.