Misr Insurance Eyes to Achieve EGP 480 mln Premiums Within FY13/14

Mr. Mossad Marzouk, General Manager of the General Administration for Engineering Insurances, Misr Insurance Company (Non-life), said his company is targeting to achieve EGP 480 million premiums for the engineering sector within the current fiscal year of 2013-2014.

Marzouk has emphasized to Amwal Al Ghad that his company recorded 8% growth rate at the fiscal year of 2012-2013, the company has hit EGP 380 million premiums for the engineering sector during FY12/13.

Marzouk said the engineering insurance sector has affected by the events experienced by the country, especially with the cessation of investments and the fresh projects, pointing out that the governmental projects will return the activity to the sector, such as south of Helwan plant project which the insurance companies competed for it  and other projects that will be implemented during the next phase.

It is worth mentioning that Misr Insurance registered EGP 4.3 billion underwriting premiums during the FY12/13, the company is aiming for 10% increase in the current fiscal year.