• Bilateral meetings to exchange experiences with China and attract investments to insurance market in Egypt
• Using information technology to control and supervise insurance activity becomes inevitable
• Signing a memorandum of understanding between the two parties during the first quarter of 2018 and a promotional tour to attract Chinese investments to the Egyptian insurance market
Yesterday, Dr. Mohamed Omran – FRA’s Chairman met a delegation from China headed by Mr. Huang Hong, vice chairman of the China Insurance Regulatory Commission (CIRC) in presence of Counselor – Reda Abd ElMoaty Vice Chairman of the Authority. The two parties discussed ways of joint cooperation and means of developing relations in insurance activity in both countries.
The two parties agreed to prepare a bilateral cooperation agreement to be signed during the first quarter of 2018 with the aim of exchanging information and experience in the field of regulating and supervising insurance and reinsurance companies in the framework of bilateral efforts between the two countries to overcome obstacles related to exchanging personal data between regulators , especially after applying Data Protection Law in the EU member states by May 2018, and its impact on global insurance and reinsurance companies with branches in the EU countries.
A promotional tour is expected to attract Chinese investments to the Egyptian insurance market at the time of signing the memorandum of understanding between the two parties. Also, both countries agreed on the importance and necessity of coordination and prior consultation between the two parties upon presenting any initiative by either party to the international associations and unions of insurance regulators.
The dialogue between the two parties – which took place at Smart Village – focused on information technology in the field of insurance, especially those related to using technology in regulating non-banking financial activities, or what so called Reg-Tech.
Dr. Omran revealed that the rapid and continuous development of ICTs has opened wide horizons in the facilitation, issuance and distribution of insurance policies electronically, and this has been linked to the emergence of new risks that shall be faced. These bilateral meetings represent an opportunity to communicate with leaders in corresponding bodies to exchange views and identify the best practices in regulating insurance markets and protecting policy holders, this is in light with the important step taken by the Authority in setting technological and executive controls for granting license to insurance companies to issue and distribute e-insurance policies and all that is related to the electronic control of the e-issuance system in insurance companies.
It is worth mentioning that the insurance market in China is one of the largest insurance markets in the world with premiums of more than 470 billion dollars and the volume of assets exceeded 3.2 trillion dollars. Besides, 280 insurance companies are operating in the market, including 47 companies with foreign capital. It is considered as one of the markets that witnessed the highest growth rates during the last period and is expected to continue to achieve high growth rates over the coming years.