MIC Eyes EGP1 bln Inward Reinsurance Premiums at 2015-end

The leading insurance market in the Middle East Misr Insurance Company (MIC) is targeting inward reinsurance premiums valued at one billion pounds within the upcoming two years, Amwal Al Ghad has quoted Adel Moussa – MIC’s chairman on Saturday.

Moussa further noted that his firm is outlining a strategic plan to renew inward and outward reinsurance agreements, seeking to be more flexible with global markets.

Misr Insurance is also aiming to increase its market share to 65% through the next 3 years, he added. Such a plan is set to be powered by MIC’s remarkable market share in some certain outstanding insurance accounts; 94% in Aviation sector and 99% in Oil & Gas sector.

Moreover, Moussa stated that Misr Insurance has started its negotiations with one of the foreign reinsurers about doing financial and technical assessments of MIC, seeking to support its credit rating stance. The credit ratings on insurance firms shall be announced within the first quarter of 2014.

Misr Insurance Co. is targeting pushing up its credit rating from A- to A+, he added.