Yesterday, an initiative entitled “Together for a better future for the insurance industry” was launched at FRA’s headquarter with an unprecedented participation from parties engaged in the insurance industry namely, The Insurance Federation of Egypt (IFE) , insurance companies, insurance intermediaries , actuaries and experts. A dialogue session was held aiming at producing recommendations that can be applied and targeting sustainable development policies.
Dr. Mohammed Omran – FRA’s Chairman said that the insurance sector in Egypt is witnessing an unprecedented attention from the state and political leadership that has not been witnessed in any previous era, revealing a comprehensive strategy to increase the sector’s contribution to GDP. He added that the coming period will witness an expansion in compulsory insurance in order to increase the insurance base for the largest segment of the Egyptian people, stressing that compulsory insurance is the locomotive that will revive the insurance sector in Egypt.
He added that by September, the comprehensive insurance law which includes all insurance activities will be finalized and will be presented for community dialogue next October to be approved by FRA’s Board of Directors and submitted to the government.
Moreover , FRA’s Chairman explained that the Authority welcomes any proposals from those who engaged in the insurance industry, stressing that setting laws, legislations and regulations is not exclusive to FRA or even to the Insurance Federation of Egypt (IFE) but is the right of all who engaged in the industry
For his part, Consultant /Reda Abdel Moaty, FRA Deputy Chairman said that the insurance sector in Egypt is receiving attention by all entities in the state. He added that for the first time, the President of the Republic pays great attention to the insurance activity within a short period of time asserting that many issues depends on it. This was clearly shown: firstly upon providing insurance to state assets, secondly providing insurance to marginalized groups and lastly providing insurance through risk-pooling.
Consultant /Reda Abdel Moaty pointed out that the coming period will witness a boom in the volume of insurance coverage with the enrollment of school students by more than 24 million students, university students and pre-university students. That is besides some amendments to Compulsory Motor Insurance which is linked to the new traffic law in coordination with the General Directorate of Traffic. In addition to, introducing insurance for nuclear facilities due to Egypt’s plan to establish El Dabaa Nuclear Power Plant as well as providing insurance to professional liability and insurance coverage for doctors and lawyers.
FRA Deputy Chairman also announced that an e-mail account on FRA’s website will be linked to the leadership of the Authority to communicate directly with any proposal or vision aimed at developing the insurance industry, and promised to have a quick response through this account [email protected]
In his speech, Mr. Alaa Al-Zoheiry- Chairman of the Insurance Federation of Egypt (IFE) introduced the work carried out during the last five months, which included restructuring the Insurance Federation of Egypt (IFE), developing the role of the General Secretariat, activating the work of the technical committees in the Federation and following up all their decisions , that is besides the code of ethics which the Egyptian insurance companies must abide by . Al-Zoheiry also highlighted the importance of spreading the insurance culture and launching an integrated advertising campaign for the Federation through the mass media to introduce the concept of insurance during the coming period.