Raymond Cham, currently the country manager at Allianz Egypt, has been appointed chairman of the company.

Cham replaces Jean-Claude Guerin, who is taking up a senior position at Mondial Assistance, one of Allianz Group’s business units in France.

Cham said the insurance sector in Egypt still has a long way to go, with a penetration rate of just about 1 per cent.

“Since its inception, Allianz Egypt has achieved sustainable growth generating more than LE713 million in insurance premiums in life and property insurance in 2009 and is expected to gain more market share in Egypt in the coming years,” stated Cham.-TradeArabia News Service