Suez Canal Insurance Plans to Boost its Capital to EGP60m

Ahmed Shoukry, managing director of Suez Canal Life Insurance Company said his company is planning to inject EGP30 million as a boost to its capital to become EGP60 million.

Shoukry added that it is decided to determine the mechanism of injecting the capital in accordance with the board of directors’ vision within the upcoming meeting, noting Suez Canal’s intend to offer new insurance products which will allure various categories.

Shoukry explained that his firm called the Egyptian Insurance Federation with an initial approval to contribute in establishing Egypt’s Reinsurance Company with US$200 million.

Furthermore he emphasized that the firms desiring to contribute in Reinsurance Company not to make a profit to the company during the first 3 years, calling for mandatory share to insurance companies that operating in the Egyptian market with 20% in order to increase the proportion of premiums retained locally, leading to higher sector’s contribution to GNP.

Ahmed Shoukry, managing director of Suez Canal Life Insurance Company said his company is planning to inject EGP30 million as a boost to its capital to become EGP60 million.

Shoukry added that it is decided to determine the mechanism of injecting the capital in accordance with the board of directors’ vision within the upcoming meeting, noting Suez Canal’s intend to offer new insurance products which will allure various categories.

Shoukry explained that his firm called the Egyptian Insurance Federation with an initial approval to contribute in establishing Egypt’s Reinsurance Company with US$200 million.

Furthermore he emphasized that the firms desiring to contribute in Reinsurance Company not to make a profit to the company during the first 3 years, calling for mandatory share to insurance companies that operating in the Egyptian market with 20% in order to increase the proportion of premiums retained locally, leading to higher sector’s contribution to GNP.