Marsh announced that it has received the approval of the Egyptian Financial Supervisory Authority (EFSA), and has been licensed to provide full insurance broking and advisory services in the Arab Republic of Egypt.
“The company will serve the insurance needs of its clients through Marsh for Insurance Services S.A.E and provide risk advisory services and solutions through Marsh Egypt LLC. Both are wholly owned subsidiaries of MMC.”
Dr. Adel Mounir, Deputy Chairman of the EFSA, commented: “The Egyptian Government is committed to the development of a vibrant, successful insurance sector as a core component of its strategy to promote national economic growth.
“We are therefore particularly pleased to grant Marsh, the world’s leading insurance broker and risk adviser, a license to provide a full range of broking and advisory services in Egypt. We anticipate Marsh having a significant and positive impact on the market, not only through the increase in the number of insured Egyptian companies and organizations, but also through the introduction and dissemination of high quality services and solutions.”
Mrs. Afaf Abdel Hameed, Marsh’s Country Manager in Egypt, noted that the broker has “had a presence in Egypt for over a decade, but until now has been limited in what it could offer its clients.” She explained that a liberalization “of the market and the progressive economic policies of the Egyptian Government,” have enabled Marsh to expand its activities in the country.
Robert Makhoul, Head of Marsh’s operations in the Middle East and Africa, added: “As Egypt’s and other economies in the region grow in size and sophistication, their expansion will give rise not only to opportunities but also to greater and more complex risks. Marsh, and its sister MMC companies, are exceptionally well placed to provide the expertise and skills necessary to enable companies to seize their opportunities and manage their risks. My colleagues and I look forward to working with clients of every size to achieve their goals by drawing upon these powerful resources in a way that best suits their needs.”
Source: Marsh – www.mmc.com or www.marsh.com
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