Over the last five years, AMIG has increased its capital from EGP30 mil-lion to EGP75 million by capitalizing its profits without seeking any contributions from shareholders. "Since Kuwait-based Gulf Insurance Co (GIC) became a major shareholder with around 95% of AMIG, the company made remarkable achievements in terms of expansion and growing our GWP." Overcrowded non-life market Mr El Zoheiry suggested that existing general players be given five years to prove themselves before the door is opened to new providers. "This opportunity should be given to evaluate what players bring to the market in terms of offering new products and finding new segments. It is up to the regulator and the insurance federation to follow up on this. If these companies are just living on the same pie as before, then something should be done." Mr El Zoheiry believes that the market is presently satu¬rated with general insurers which should start promoting new offerings. Although it accounts for around 40% of the market, this does not mean that the life business has reached a satisfactory level. "With only 1.5 million indi¬viduals insured, it means that either that the population has not found the right products or their needs have not been accurately addressed by insurers. Therefore, players should alter their marketing strategies and create the proper products if needed. The market needs more life players."It is among AMIG's future plans to launch a life operation in partnership with GIC. "We have conducted a feasibility study but it will take us some time to launch the operation because we are in the process of finding a reliable Egyptian banking partner to smoothen the process of promoting life products through the bancassurance channel."