Business Insurance Services
Business insurance services in Sudan are offered by various companies. The main challenges of these companies include the need to provide universal coverage, recruitment of the informal sector and ensuring sustainability. However, the companies have the ability to provide global and local insurance coverage.
leading sudanese insurance company
The largest company in the Sudanese market is Shikan. It has a large number of branches throughout the country and employs a financial cadre of highly qualified individuals. In addition to that, the company has an extensive network of agents who are well-equipped to provide insurance products to customers. Moreover, the company has obtained reinsurance agreements with reasonable financial costs.
Another company to keep an eye on is Al Futtaim Willis. This is a joint venture between the Abu Dhabi-based Al Futtaim Group and the Willis group. While the company is a part of the Al Futtaim Group, the business it does in Sudan is not done under this name. At present, it provides insurance and risk management services to both Syrian and non-Syrian clients. Additionally, the company also has a presence in other countries, such as Morocco and Turkey.
Business Insurance Services in Sudan
Another company that is in a good position in the Sudanese insurance market is the Sudan Insurance Company. They have a diverse portfolio of insurance policies, including fidelity guarantee, fire and allied perils, burglary, money insurance, engineering insurance, agricultural insurance, export earnings insurance, and a range of property insurance policies. These types of insurance can be used by both private and public sectors. Besides that, they have also won awards such as the Socrates Award at the European Business Forum.
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The company has managed to grow considerably since 2008. In the beginning of 2008, they were licensed by the Bank of South Sudan (BOSS). Since then, they have expanded their portfolio and have gained a lot of recognition.
The company is also in a good position in the regional markets. In particular, they have won the best Takaful Insurance Company award at the International Takaful Summit in London. Also, they are considered one of the best Islamic insurance companies in the Middle East and North Africa. Their management and leadership skills have helped them to maintain their leadership in this region.
Finally, the New Sudan Insurance Company was incorporated in 2007. Although the company is new, it is the only indigenous insurance company in the South Sudan. Moreover, the company has managed to secure a paid up capital of three million US dollars. Consequently, the company is expected to contribute to economic development in the country. Furthermore, they have been involved in reinsuring business with the major reinsurance companies. Lastly, they have been able to obtain reinsurance agreements with high absorption capacities.
Despite the many challenges that the companies face, they have managed to gain recognition as the leaders in the islamic insurance market. In fact, they have received several awards, including the Socrates Award from the European Business Forum and the Best CEO of Takaful Companies in Africa.
