AIG plans expansion in Egypt

AIG, one of the world's leading property and insurance companies, is planning to expand in the Egyptian market.

In a meeting with Mohamed Moiet, deputy head of the Egyptian Financial Supervisory Authority (EFSA), Michael Whitwell, head of AIG Middle East and Africa division, said that his company was considering making AIG Egypt its Middle East regional office, Sobhy Shehata, EFSA spokesperson, told Ahram Online.

In 2012, Europe, Middle East and Africa contributed 19 percent to premiums made by AIG International, which depends mainly on the American and Asian markets.

The American insurer achieved revenues of $65.7 billion in 2012, according to its annual report.

AIG Egypt's share of the Egyptian insurance market is around 4.6 percent, with issued capital of LE60 million ($8.62 million).

The insurance sector in Egypt comprises of 30 companies, two of which are state-owned but attract around 50 percent of all premiums paid in the sector.

“The insurance sector took a blow following the 2011 uprising. Most companies made huge losses, especially car insurers,” Ahmed Nouh, head of the insurance and banking division at the Egyptian Investors Federation, told Ahram Online.