Suez Canal Life Insurance eyes Doubled Branches in 3 Years

Egypt’s Suez Canal Life Insurance Company is planning to expand its network of branches to reach 25-30 offices in three years, managing director Ahmed Shoukry announced on Wednesday.

The company is currently providing its life insurance activities through 13 branches.

“By end of current fiscal year 2014-2015, the company (Suez Canal Life Insurance) intends to increase its network of branches to 18.” Amwal Al Ghad has quoted Shoukry as saying.

The official further stated that Suez Canal Life Insurance had decided within the current month to inaugurate two new branches in cities of Damanhour and Zaqaziq.

The company is targeting geographical expansions into Benha and Tanta cities within this fiscal year as well, he added.

Bank Insurance Activity

Shoukry also referred that Suez Canal Life intends in the coming phase to sign its first bancassurance agreements with one of the banks operating in the Egyptian market.

Suez Canal aims to offer its life insurance products through banking branches, with the purpose of attracting new clients.