insurance companies in jordan

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Chairman of the Board of Directors:"Collins Insurance"penetrates the Egyptian market with an ambitious growth plan.

Collins Insurance Group has penetrated the Egyptian insurance market with an ambitious plan to expand, grow in the market and build strong partnerships with Egyptian insurance companies, through reinsurance brokers, contracting with major financial institutions through brokers and another insurance consultancies. The Group is betting on its extensive experience and dealings with major global and regional reinsurance companies, as well as its expansion in the field of information technology in the insurance industry to facilitate insurance services and electronic distribution of insurance documents.4 million EP is the capital and one million EP was injected into the brokers industry within weeks.Fadi Al Kayali, Chairman of Collins Insurance Group, said that the group has established three insurance branches in Egypt, Collins Insurance Brokerage, Collins Reinsurance and Collins Insurance.The total paid up capital of these companies is 4 million Egyptian pounds.The paid-up capital of Collins Reinsurance is 2 million Egyptian pounds, same as the issued capital. Collins Insurance Brokerage's paid up capital is LE 1 million and is expected to increase to LE 2 million over the next few weeks. For Collins Insurance Consulting Co.He also revealed the structure of ownership in the three companies, which consists of the company «Trust Insurance Solutions» located in Jordan with a 15 % share, and Samer Kayyali Chief Executive of the Group with a 50 % stake and Fadi Kaili Chairman of the Board with a 35 % share.He pointed out that his company is currently working on contracting with the Egyptian insurance companies that work in the fields of property liabilities insurance and life insurance to work with them during the coming period in the field of direct brokerage and reinsurance brokerage as well as consulting.He pointed out that his company seeks to achieve global leadership in the field of electronic applications in the reinsurance activity, in partnership with a number of global reinsurance companies, such as The Swiss Company «Swiss Re» and the Germany Companies «Hanover» and «Activ Capital» and The American Company «Everest Rai». He explained that he is betting on the modern technology used by his company through their specialized software department, which consists of 15 employees working on developing a specialized software for the insurance and reinsurance fields to serve the group's subsidiaries in Egypt, Jordan and the UAE to assist in the distribution and electronic marketing of various insurance policies. He revealed that the group will use the registration of their Jordanian company Trust Insurance Solutions in the Lloyd's Clubs in the English market as a reinsurance broker, serving the insurance companies that contracted with the Group in contracting reinsurers in the English market and obtaining the best conditions and prices, which is an important factor to help them compete with reinsurance brokers and other insurance brokers operating in the market. He also pointed out that the English market for insurance has considerable experience in the field of insurance against the risks of political violence, riots, civil unrest and labor strikes.He explained that these documents have a high demand in the Egyptian insurance market and that his company will provide them to Egyptian insurance companies at competitive prices and large facilities in reinsurance, Taking advantage of the registration of their company in the Lloyd's Clubs in the English Market.He added that the group is also working with regional reinsurance companies such as Areeg in Bahrain, Kuwait Re in Kuwait, The African for Reinsurance, Qatar Re, Tunisia Re and Misr Insurance.Al Kayyali reviewed the size of the group's business in the Jordanian insurance market, revealing that the volume of reinsurance premiums returned abroad for the insurance companies amounted to 10 million dollars, while the amount of premiums that are brought to the insurance companies through direct brokerage activity is 3 million dollars.He confirmed that the company,"the range of insurance solutions,"the other branch of the group in the UAE market, recorded the size of reinsurance premiums of $ 2.25 million.He disclosed the group's plan in the Egyptian insurance market, which includes bringing premiums to insurance companies and returning them to the value of 500 thousand dollars during the first year, which represents a period to assess the market, in preparation for the launch and then double the business volume.He added that the group has a considerable experience in the insurance and reinsurance fields, and worked in many branches of insurance for individuals, large / medium / small industrial companies and commercial companies, in order to help customers manage the risks they are exposed to.He pointed out that the group has a network of branches, sales centers and services in the region, which employs 50 professionals in the insurance and reinsurance fields that succeeded in providing insurance coverage for customers and reinsurance at reasonable prices and good services.He explained that his company helps insurance companies innovate and offer new products to customers in life insurance, medical and marine insurance, as well as engineering and energy insurance, while providing innovative solutions to accurately calculate the client’s needs.He added that his company is interested in the field of research especially in information technology and databases in order to help their clients reduce the rates of technical losses and support their needs.He added that his company will utilize the experience of Active Capital for re - insurance in the banking insurance activities in providing bank insurance products to the Egyptian insurance companies at competitive prices and large reinsurance facilities in addition to the comprehensive bank document as well as personal accidents.He added that the Group will utilize its external expansions and its relations with the reinsurers in the promotion of travel insurance documents in the Egyptian market, to cover accidents that may face the traveler, medical expenses and extra baggage.He considered that the Egyptian insurance market is promising and has great growth potential in existence of a large population, mostly young people and different educational stages, which represents a great diversity in the needs of insurance customers both in the coverage of individual and collective life insurance as well as individual and collective medical insurance.He also referred to the Group's experience in the liability insurance, that covers the risks of product liability, liability for medical errors and professional compensation, as well as the responsibility of managers and executives and the responsibility of the owners of the companies, as well as the general commercial responsibility and civil liability, compensation of employees and workers, Such as all contractors' risks, civil liability, insurance of machines, equipment, electronic devices, risks of terrorism, sabotage, wars and all types of construction risks.He added that the company has experience in the agreements re - insurance and risks selection of aviation, marine insurance, cars, commercial credit insurance and agricultural crop insurance, pointing out that Egypt needs agricultural insurance coverage and increasing awareness about the importance of such coverings for agricultural companies and farmers as well as insurance coverage Under the encouragement of the state to banks and finance companies on the possibility of lending to owners of small and micro enterprises.Collins Insurance Consultancy is designed to help customers develop their business, implement effective risk management strategies, participate in tenders and auctions, as well as consult the establishment of insurance and reinsurance companies, mergers, acquisitions, technical and specialized feasibility studies, in which they need, prepare the insurance coverage they need, and communicate continuously with customers.He pointed out that the Group is seeking to expand in the Arab region and Africa during the coming period, but the exact locations have not been decided yet.