AIG has announced that it has taken strategic steps to reposition its operations in the Egyptian market, the company said in a report issued on Sunday.
“After careful consideration and a strategic market review, AIG will no longer offer Auto, Auto Fleet, Personal Property, or Pre-Underwritten Home insurance products in Egypt as of 30 April 2017,” the report read.
AIG added in the report that it will not be cancelling any existing Auto, Auto Fleet, Personal Property, or Pre-Underwritten Home Insurance policies in Egypt. However, clients will continue to receive full AIG policy servicing and claims support for existing contracts until their respective policy renewal dates, the company noted.
The general manager of AIG-Egypt and managing director of AIG-Middle East and North Africa, Michael Jensen, said, “AIG has a long history of providing insurance products in Egypt, and we remain committed to the market. Our revised strategy will enable us to focus our resources on delivering the best service to our clients in product segments with the greatest potential for growth in Egypt.”
He added, “AIG has been operating in Egypt for 16 years and will continue to focus on its remaining consumer and commercial insurance product lines and serve its multinational clients in the country.”