amwalalghad :: 3 New Companies Enters Egyptian Insurance Market By New Fiscal Year

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3 New Companies Enters Egyptian Insurance Market By New Fiscal Year


Published Wednesday, 20 June 2012 16:14 | Written by Sherine Taha

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Suez Canal Life Insurance, Delta Life Insurance and Takaful Company will be starting their activities by the beginning of the new fiscal year.

Adel Mounir, deputy chairman of Egyptian Financial Supervisory Authority, revealed that Suez Canal Insurance Co. and Delta Insurance Co. will apply the law no. 118 of 2008 which obligates the split of life insurance from property insurance by the beginning of the new fiscal year.

Mohandes Insurance Company is the only company that has not applied the law yet, Mounir said, noting that the company is expected to split in two companies in the upcoming three months.

In other respect, Solidarity Takaful Company will choose from two purchase offers in seven days which will change the takaful (Islamic insurance) market in Egypt.

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