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FINANCIAL NEWS
WB’s IFC to acquire 15% stake in MedGulf
06 Feb 2012
(MENAFN) IFC, a member of the World Bank Group, said that it would acquire a 15 percent equity stake in the Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf), reported Arab News.
The firm added that the USD124 million investment would help the insurer to expand its health and commercial risk insurance services across the Middle East and North Africa (MENA) region, mainly in Egypt, Iraq and Turkey, as many people in these countries need insurance coverage.
It also said that the ME has the lowest rates of insurance coverage in the world, with gross premiums around 1 percent of regional gross domestic product (GDP).
It is worth noting that the percentage of the population aged 65 years and older in the MENA region is forecasted to more than triple by 2050, demanding a rise in health, life, and pension insurance services.
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