Moroccan insurer Wafa Assurance expands activity to Egypt

Morocco’s biggest insurance company Wafa Assurance, part of Attijariwafa Bank, has expanded its insurance business to Egypt as it seeks to grow its presence across Africa.

The company announced in a statement on Monday the official launch of its Egyptian subsidiary after it had received a licence to operate in the life and long-term medical branches from the Egyptian market regulator, the Financial Regulatory Authority (FRA) in August 2020.

Wafa has appointed Mohamed Ramses Arroub as chairman and chief executive of Wafa Assurance and Abeer Helmy Saleh as chief executive of Wafa Life Insurance Egypt.

“Naturally, Egypt is on top of Wafa Assurance’s priorities at the time being; given our ambitious plans to not only build on our current success but also bring value to customers in the markets where we operate,” Mohamed Ramses Arroub said.

Wafa Life Insurance Egypt, 100 percent owned subsidiary of Wafa Assurance, is with an equity of 150 million Egyptian pounds ($9.5 million. It has a value proposition focused on protection and enhancement of savings, protection of health, and inclusive insurance, with Taamine Iktissadi’s product offering dedicated to low-income households.

“Currently estimated at a valuation of $68 billion, The African insurance industry is expected to grow, especially in the North African region – which is the second-largest market after South Africa’s.” added Arroub.

Wafa Life Insurance Egypt will leverage on the successful digital transformation of Wafa Assurance, and will use digital to ensure simplified customer journeys and a high quality of service, the company statement read.

In addition, the subsidiary also aims to launch an assistance offer for the Egyptian market and the diaspora, and to rely on the skills of the Egyptian subsidiary for its expansion in English-speaking African countries.

Meanwhile, Abeer Helmy Saleh said: “With investment paid in capital amounting to 150 million pounds, we are determined to bring values and high-quality customer service, which shall contribute to the industry’s growth.

“Wafa Insurance Egypt will utilise the company financial strength and history of success to leverage its competitive advantages,” Saleh noted.

Wafa Assurance is currently present in six African countries through 10 companies. This presence enables Wafa Assurance to cover 39 percent of the African insurance market excluding South Africa, with the ambition to achieve a coverage rate of 65 percent by 2025, through establishing in 10 African countries.