Business
GFA Insurance Ltd Honoured at the Prestigious Global Banking & Finance Awards 2024
GFA Insurance Ltd has recently been recognized as the Fastest Growing Auto Insurance Company in Mauritius for 2024 at the Global Banking & Finance Awards. Additionally, the company’s Managing Director, Abdel Ruhomutally, has been honored with the title of Insurance CEO of the Year for Mauritius 2024.
The Global Banking & Finance Awards, based in the United Kingdom, are globally acknowledged for their rigorous evaluation standards in recognizing excellence among businesses.
In response to these accolades, Abdel Ruhomutally emphasized the significance of such recognition, stating, “This achievement is a testament to the hard work of our employees, the trust of our clients, and the support of our partners. It inspires us to continue innovating and enhancing the customer experience.”
Under Ruhomutally’s leadership, GFA Insurance has experienced remarkable growth.
Over the past two years, the company reported a 16% increase in its revenue (non-audited), reaching Rs 261.5 million for the year 2023.
The group’s assets have also surged to Rs 780 million.
This impressive growth is further highlighted by an 11.9% rise in renewed business and a significant 26% increase in new business acquisitions.
Ruhomutally noted, “This success comes despite operating in an oligopolistic economic environment and facing anti-competitive practices.”
In line with its philosophy of #InsuranceForThePeople, GFA Insurance launched innovative products in 2023, including TiersXtra, which modernizes liability insurance by offering benefits that compete with comprehensive coverage.
This client-centered approach strengthened GFA Insurance’s market position, which is already recognized as the most dynamic in Mauritius, with an anticipated 25% growth in new business for 2024.
“We are also proud of our community commitment, particularly with our initiative to provide free blood pressure monitors at our 25 agencies, ensuring the health of drivers and contributing to improved road safety,” added Abdel Ruhomutally.
With these developments, GFA Insurance Ltd is paving the way for a promising future in the Mauritian insurance market, driven by innovation, community engagement, and a commitment to customer excellence.
Source: GFA Insurance Ltd Press Communique