Lockton officially begins operations in Egyptian market

The US-based Lockton Companies Inc, an insurance brokerage firm, announced it has officially began its operations in the Egyptian market.

The company’s decision to expand in the Middle East aims to benefit from the economic development Egypt is currently witnessing, said Mohamed Magdy, managing director of the company.

On the sidelines of a ceremony organised by the company to announce the start of its activity on Monday evening, Magdy added that the company is seeking to benefit from the achieved growth rates in the insurance sector over the next few years with the government’s plan to increase the sector’s contribution to GDP as well as increase companies’ proceeds of insurance instalments.

Magdy pointed out that the Egyptian insurance market has achieved promising growth rates over the past five years, recording 13%, 13.7%, 14.7%, 19.3%, and 13.4% over the period from fiscal year 2012 to 2016, despite the events and political and economic circumstances Egypt had witnessed during that period.