Suez Canal Insurance records 9.7% Premiums Growth in 6 Months

Suez Canal Insurance, a leading Egyptian composite insurer, has realised a y-o-y growth of 9.7% in issued premiums in the first half of current fiscal year 2014/15.

According to general manager Ahmed Shehab, Suez’s premiums reached 243.5 million Egyptian pounds (US$34 million) during H1, compared to 222 million pounds a year earlier.

Shehab further told Amwal Al Ghad on Monday that Suez is targeting premiums worth 450 million pounds (around US$63 million) by end of the current fiscal year, from 408 million pounds last year.

Moreover, the Egyptian official said Suez also plans to pump 11 million pounds within next March to boost its capital which currently stands at 120 million.

Suez was established in 1981 and offers services in the field of insurance and reinsurance. Suez has branches in Cairo, Alexandria, Upper and Lower Egypt and in the Red Sea region.