Tokio Marine Egypt eyes $11mn premiums by end-June

Tokio Marine Egypt General Takaful eyes boosting premiums volume by 56.4 percent during the fiscal year 2015-16 to hit 86 million Egyptian pounds (US$10.9 million) versus 55 million pounds a year earlier.

Managing Director Satoshi Furuya told Amwal Al Ghad Wednesday that the company has issued seven new products within the last period notably the storage and distribution risks, the shippers’ liability, and the trade credit risks products.

He asserted that the company has finished the procedures of opening new branch in Ismailia governorate in addition to the inauguration of the branch in Mohandessin area that have been opened at the beginning of 2015.  Accordingly, the number of Tokio Marine’s branches reach 3 in addition to the headquarter in Heliopolis.

The official stated that Tokio Marine is making expansions in its branch in Alexandria governorate to accommodate large number of clients.

Tokio Marine has achieved more than 38 percent growth in processes profit at the end of June 2015,  Furuya noted, adding that the company has made notable growth in activity surplus estimated at 73 percent.

Additionally, the volume of Tokio Markine’s paid compensations has been increased to 38 percent opposed to the previous year.

Tokio Marine Egypt was established as Nile Takaful in 2008 as a private joint venture arrangement, resulting in the creation of company known as Nile General Takaful.

From 1st October 2013 the new names of the company is Tokio Marine Egypt General Takaful S.A.E.