Mis Insurance Eyes Upcoming Expansions in KSA, Syria and Libya

The leading insurance market in the Middle East Misr Insurance Company (MIC) is planning to carry out a regional expansion plan in 3 Arab countries within the upcoming period, Amwal Al Ghad has cited Adel Moussa – MIC’s chairman as saying on Sunday.

MIC’s upcoming expansion is to include markets of Syria, Saudi Arabia and Libya, he added.

MIC Chairman further told Amwal Al Ghad that his firm also intends to open up branches and resident offices in the Sudan and Algeria. In addition, Misr Insurance is seeking to develop its existing branches in Kuwait and Qatar.

Moreover, Moussa pointed out that Misr Insurance is also aiming to increase its market share to 65% through the next 3 years. 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.

Elsewhere, MIC chairman has referred 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.