Chubb Life Insurance-Egypt targets to increase its business in Egypt three-fold by 2020, according to Russell Bundschuh, the senior vice president of Chubb Group and president of Chubb Life.
Bundschuh said that the company is keen to increase its business in the life insurance field on a global scale—particularly Egypt. He added that Chubb Life Insurance-Egypt offers its services to 30,000 clients through 1,200 trained agents, 100 telemarketing agents, and 100 administrative employees.
The company also aims to open new branches in Upper Egypt and expand its business in the Delta region.
Bundschuh said that the company is optimistic about the future of the life insurance market in Egypt in the long run, pointing out that Egypt’s demographics show that youth represent the majority of Egyptian people, creating a big opportunity for the company in the coming years.
Chubb Life Insurance-Egypt celebrated on Tuesday the Ace Group’s acquisition of Chubb Corporation to form together the world’s largest publicly traded property and casualty insurance company, operating in 54 countries.
The company operates now under the name of “Chubb” all over the world, as this brand has a long history in this sector.
Bundschuh said that Chubb holds a powerful commitment towards Egypt and enabling and advancing its insurance sector, pointing out that the company has been gaining insurance subscriptions since 2003, which marks the start of the company’s relationship with the Egyptian Financial Supervisory Authority (EFSA).
“Although the company has officially changed its name, we already have a great record of business in Egypt. We have achieved written annual instalments equivalent to more than EGP 150m, and we plan to increase the company’s business three-fold by 2020,” Bundschuh said.
He pointed out that his company aims to rank first in the field of life insurance in Egypt through signing more policies and establishing new services.
Bundschuh added that the current market value of Chubb reached about $61bn, with a total value of insurance premiums of up to $35bn. The company operates in 54 countries, and has more than 31,000 employees.
The company’s total capital reached about $62bn, with an equity value of $48bn. Chubb’s insurance ranking recorded AA by Standard & Poor’s, and A++ by A.M. Best.
Regarding the company’s future plans, Bundschuh said that they would increase their share in the enterprise market by strengthening distribution channels, including agents and remote marketing services, and customer service teams. They also aim to reach new segments of the market through providing new insurance offers for small and medium enterprises (SMEs).
From his side, Amr Shams, managing director of Chubb for Life Insurances Egypt, expressed his pride of the company’s success across the past five years and its exceptional 25% annual growth, implying that the Egyptian people are fully capable of yielding immense success and that the health and vigour of the Egyptian economy continues to attract more foreign investment.
The ACE Company began working in the Egyptian market in January 2002 as an Egyptian shareholding company under the supervision of the EFSA. It is mainly focused on individual life insurance, group medical insurance, group life insurance, and individual accident insurance.
