Wafa Life Insurance Egypt expects to sign its first-ever bankassurance deal in Q4

Wafa Life Insurance Egypt, a subsidiary of Moroccan insurer Wafa Assurance, said on Tuesday it was in final-stage negotiations with a local major bank over a potential bancassurance deal.

“We expect to conclude talks and seek the central bank and regulatory approvals on the agreement within the final quarter of the current year.” Abeer Saleh, chief executive of Wafa Life Insurance Egypt, told Amwal

Under the bancassurance agreement, Wafa will not only distribute its life insurance products to the bank’s clients, but will also provide an insurance cover for various banking activities, she added.

In July, Morocco’s biggest insurance company Wafa Assurance has established  its presence in Egypt through its 100 percent-subsidiary Wafa Life Insurance Egypt.