The leading insurer in MENA region, Misr Insurance Company (MIC) has received an initial approval from UAE competent authorities to launch its resident office in Dubai, managing director Adel Moussa said. Speaking to Amwal Al Ghad on Tuesday, Moussa stated that Misr Insurance is expected to complete procedures required to found its Dubai resident office in the coming two months. "Dubai market encompasses the largest reinsurance companies and entities, and accordingly Misr Insurance has to make its presence to serve its clients there." MIC's managing director noted. Furthermore, the Egyptian official also referred to Misr Insurance's plans to inaugurate its regional branch in Algeria within the current year. Through this regional branch, MIC aims to provide all the insurance services to its current and anticipated new clients in Algeria. "Algeria is one of the most promising and attractive markets for insurance firms." Moussa said. The official also pointed out that the regional branch in Algeria comes as part of Misr Insurance's strategy to expand into Arab world and MENA region. Moreover, Moussa noted that official further stated that the company intends to expand into offering insurance policies for individual accidents made by Egyptian expatriates working in Arab countries. In this respect, Misr Insurance would start with Jordan to apply this plan in cooperation with one of the working insurance firms in Jordanian market.
