EGYPT – Wafa Assurance, a leading insurance company in Morocco, has announced its expansion into Egypt and the appointment of Abeer Helmy Saleh as the chief executive of Wafa Life Insurance Egypt.
Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally.
The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately US$68 billion. The North African market represents the second most valuable sector in the region, after South Africa.
The new expansion will offer tremendous potential growth opportunities for both the Moroccan and Egyptian divisions. Wafa Life Insurance Egypt will have the opportunity to utilize Wafa Assurance’s successful digital transformation to facilitate its new operations in Egypt.
Wafa’s CEO, Mohamed Ramses Arroub, stated Egypt was on top of Wafa Assurance’s priorities, and the company officially received approval by the Egyptian Financial Regulatory Authority to conduct business in the country in August 2020.
Wafa was created as a subsidiary of Attijariwafa Bank and is headquartered in Casablanca.
Conversely, Wafa Assurance expects to rely “on the skills of the Egyptian subsidiary” to expand into English speaking countries across the continent.
Wafa currently operates ten companies in six countries throughout Africa, controlling 39% of the insurance sector. But reports indicate the group has set a goal of expanding into four additional countries and controlling 65% of the market within the next four years.
Wafa Assurance and its parent company Attijariwafa are both part of the National Holding Company (SNI), a large private investment firm mainly owned by King Mohammed VI and members of the royal family.
Wafa Life Insurance Egypt will leverage on the successful digital transformation of Wafa Assurance and will use digital to ensure simplified customer journeys and a high quality of service.
Wafa Assurance also aims to launch an assistance offer for the Egyptian market and the diaspora, and to rely on the skills of the Egyptian subsidiary for its expansion in English-speaking African countries.
Wafa Assurance is currently present in 6 African countries through 10 companies. This presence allows Wafa Assurance to cover 39% of the African insurance market excluding South Africa, with the ambition to achieve a coverage rate of 65% by 2025, through establishing in 10 African countries.
