Saudi Wataniya Insurance in talks to obtain non-life coverage licence in Egypt

Saudi-based Wataniya Insurance is negotiating to obtain a licence for non-life insurance activity coverage in Egypt, a senior official at the Egyptian Financial Regulatory Authority (FRA) said on Wednesday.

Wataniya will start activating the non-life coverage activity at a capital worth 100 million Egyptian pounds ($6.3 million) after receiving the licence and approval of its non-life insurance policies from the Egyptian market regulator, FRA’s vice chairman Reda Abdel Moaty added.

Wataniya Insurance started operations under its name during the second quarter of 2010. However; the firm has inherited the legacy of Saudi National Insurance Co. (SNIC) that had been registered in Bahrain and operating in KSA since 1975.