Denver- Wafa Assurance, currently the leading insurance company in Morocco, announced it will soon expand into Egypt. Through new business operations, the company plans to extend its reach internationally.
Wafa was created as a subsidiary of Attijariwafa Bank and is headquartered in Casablanca. In its expansion announcement, Wafa appointed Abeer Helmy Saleh as the chief executive of Wafa Life Insurance 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 Life Insurance Egypt currently has a valuation of $9.5 million, but that number is expected to quickly grow. The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately $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
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 percent 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.