The US-based Lockton Companies Inc, an insurance brokerage firm, announced it has officially began its operations in the Egyptian market.
The company’s decision to expand in the Middle East aims to benefit from the economic development Egypt is currently witnessing, said Mohamed Magdy, managing director of the company.
On the sidelines of a ceremony organised by the company to announce the start of its activity on Monday evening, Magdy added that the company is seeking to benefit from the achieved growth rates in the insurance sector over the next few years with the government’s plan to increase the sector’s contribution to GDP as well as increase companies’ proceeds of insurance instalments.
Magdy pointed out that the Egyptian insurance market has achieved promising growth rates over the past five years, recording 13%, 13.7%, 14.7%, 19.3%, and 13.4% over the period from fiscal year 2012 to 2016, despite the events and political and economic circumstances Egypt had witnessed during that period.
For his part, Wael Khatib, the main partner and the regional chairperson of Lockton, said that the company’s policy in the Egyptian market stems from Lockton’s international strategy that is based on offering the highest standards of service to clients and providing distinguished solutions in the field of risk management and insurance.
He added that Lockton continues to develop its insurance services in the Middle East to meet the needs of clients in light of the company’s global experience.
“Lockton in Egypt represents a unique concept in offering risk management and insurance services according to high standards and high-quality service presented by a team with wide and diverse expertise in the Egyptian market,” he noted.
He said that Lockton includes over 6,500 specialists around the world, serving over 50,000 clients since its establishment in 1966 in Kansas City, Missouri.
Lockton’s issued and paid-up capital is estimated to be EGP 2m, with 75% owned by Lockton and its affiliated companies, and 25% by Mohamed Magdy, its managing director. Hisham Refaat serves as the company’s executive manager.