Cairo – Mubasher: Morocco’s Wafa Assurance has obtained a licence from the Financial Regulatory Authority (FRA) to launch its new life and health insurance unit in Egypt.

Currently, Wafa Assurance is operating in Morocco, Tunisia, Côte d'Ivoire, Cameroon, and Senegal, according to a statement on Wednesday.

In 2019, the insurer achieved $1.1 billion in premiums, the statement showed.

Wafa Life Insurance Egypt, which has a paid-up capital of EGP 150 million (about $9.4 million), aims to focus on medical insurance products and participate in the country’s efforts towards achieving financial inclusion through offering economic insurance programmes.