The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) has called on its Egyptian counterpart to resolve the delay in the case of a Moroccan branch in Cairo seeking a practicing license.
This call was made during signing a partnership and cooperation agreement with the Insurance Federation of Egypt, on the sidelines of the 26th Afro-Asian Federation of Insurance and Reinsurance (FAIR) Conference held in Marrakesh.
The conference saw the participation of more than 1,000 directors of insurance and reinsurance companies in Africa, Asia, and the Middle East.
Chairman of the Insurance Federation of Egypt Alaa al-Zoheiry said that the agreement aims to reinforce cooperation between the Egyptian and Moroccan insurance sectors and therefore the two countries.
Zoheiry noted that the agreement seeks to exchange expertise in various fields.
Bashir Baddou, the director-general of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), hailed the Egyptian insurance sector and its position on the regional level.
Baddou added that a Moroccan insurance firm opened a branch in Cairo but still awaits the license to open this headquarters officially and commercially. He expressed hope that this deal would expedite this process.
The 26th Afro-Asian Federation of Insurance and Reinsurance (FAIR) Conference took place in Marrakesh from 15 Sep. till 23 of the same month on the obstacles facing African and Asian insurance firms.