SCR bids to become a major regional player

Moroccan reinsurer Société Centrale de Réassurance (SCR) is planning expansion across Africa, with a new strategy for the next two years.

Gomaa Zaki, head of SCR’s Cairo regional office, said SCR’s strategy is to expand to various African markets, develop existing relations with its partners in all markets, support Moroccan insurance companies and their main clients, and maximise the role of the Moroccan market at international level.

In July, SCR opened a representative office in Johannesburg as part of its international expansion strategy and in particular its ambition to be a regional and continental leader.

Zaki said 70% of SCR’s business is derived from the Moroccan market, with the remainder generated overseas. SCR is working hard to become a reference in the reinsurance industry in emerging markets.

Zaki added that SCR provides insurers with the necessary technical support through the company’s head office in Morocco. Examples of this support include training on all technical aspects of underwriting. Training is provided at the SCR Academy or by holding seminars and workshops.

SCR obtained a licence to open a representative office in Cairo at the end of 2019 and started to study the Egyptian market in the beginning of 2020. It is now also studying some neighbouring markets.

Zaki said the company’s business generated in Egypt is carried out through the head office in Morocco, because Cairo is only a representative office whose role is to study the markets and to represent the company in Egypt and some other countries.

Business volume reached approximately EGP60m ($3.8m) last year and SCR is seeking to double the premium income generated in Egypt to EGP120m this year.

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