ACE Life gets Egyptian operation license
The Egyptian Insurance Supervisory Authority (EISA) has granted ACE Life a license to operate in Egypt.
The life insurance industry is a channel for mobilizing indigenous consumer savings, which assists in the funding of the country’s long-term infrastructure requirements. It is mandatory for life companies to place the major part of their investments in local government/banking instruments helping national economic growth.
Out of a population of over 65 million, little more than 600,000 life insurance policies have been issued in Egypt. The penetration rate is rather low compared to the country’s gross domestic product (GDP) and this is evident in most countries that have commenced liberalizing their life insurance market. With private companies entering the life market, it has introduced healthy competition with the public sector companies, together with bringing in new innovative products that will ultimately benefit Egyptian consumers.
The ACE INA holding company oversees operations that span the globe. Almost two-thirds of ACE Group’s $12.8 billion in annual premium revenue are generated by businesses that are part of ACE INA. — (menareport.com)
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