WATANI International
31 July 2011
With Egypt in the throes of post-revolutionary turmoil, the economy is among the sectors that suffer most. Yet, according to Bill Toppeta, the executive officer and president at Metlife Insurance, Egypt is a good place to invest in. While on a recent visit to Egypt, Watani talked to Mr Toppeta who said that Metlife, which was well-experienced in spotting opportunity and had a lucrative business in the Middle East, sees the region as a dynamic, economically diverse one with huge potential for growth.
According to Mr Toppeta, Metlife was the only international insurance company which maintained lively interaction with its clients in Egypt during the upheaval of last January and February. Clients confirmed to Watani that Metlife was able to meet their demand for urgent services at the time.
In hard times
“Throughout 140 years of offering insurance services, which started with life insurance,” Mr Toppeta said, “it has not always been smooth sailing when it came to global events. But we have made it a tradition to stand by our clients in difficult times. We already have working plans for operating under crises, and they are automatically put into action with the least panic, when needed. We were thus well-positioned to deal with the recent turmoil in the region.
“It was for us a good opportunity to confirm our commitment to this country. Metlife has been in the region for some 50 years now, and will support its clients throughout geopolitical turbulence.
“We understand these are difficult times, and we also understand the structure of the population in the region. This means we can offer them the products they need. It especially means we are there for the limited-income individual. We already have a successful experience on that level in Bangladesh.
Egypt has shown the whole world that it possesses the will to achieve democracy and to create a community where justice prevails, Mr Toppeta said. “Stability nurtured by democracy is the best foundation for success. Investors welcome open political systems where a wider class of people can join in the process of economic growth and reap its fruit.
“We have been in Egypt since 1997, and now operate as Metlife Alico. With some 90 million clients the world over, we look forward to working with Egyptians in the upcoming crucial period when they rebuild their economy.”