Egypt’s MISR Insurance Group is stepping up its African expansion drive with plans to enter Nigeria’s non-life and reinsurance market, signaling fresh cross-border interest in the continent’s insurance economy.
The Egypt-based insurer is exploring strategic partnerships and stakeholder engagements as it positions to tap into Nigeria’s growing risk landscape and reinsurance capacity needs.
Mohammed Maharaj, chief executive officer, MISR Insurance Group speaking during a courtesy visit to the National Insurance Commission (NAICOM) in Abuja disclosed the company’s strong interest in Nigeria’s non-life and reinsurance segments, citing the country’s expanding risk landscape and under-penetrated insurance market as compelling opportunities.
He disclosed plans to visit Lagos to meet key industry stakeholders, and potential partners as part of exploratory discussions aimed at establishing strategic alliances and assessing market entry pathways.
Maharaj was in Abuja to discuss opportunities arising from Nigeria’s newly enacted Nigerian Insurance Industry Reform Act 2025 and the sector’s ongoing transformation agenda.
The delegation includes Ahmed Alkanhawy, assistant CEO and Hossein Shaky of the Egypt Embassy in Nigeria.
Olusegun Omosehin, commissioner for Insurance Who who received the delegation on behalf of NAICOM leadership, outlined the Commission’s mandate, recent reforms and goals to strengthen Nigeria’s insurance market in support of the country’s broader economic agenda.
Commenting on the visit, he emphasized its commitment to fostering collaboration with international partners to deepen market capacity and protect policyholders.
The move underscores rising regional competition and collaboration within Africa’s insurance industry, as established North African players increasingly look westward to tap into Nigeria’s scale, infrastructure growth, and reinsurance demand.
Misr Insurance was established in 1934 as Misr Insurance, and became wholly owned by the Egyptian government in 1960. It is the largest insurance entity in the Middle East and North Africa region.
