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EFSA Held Discussions with the Insurance Federation of Egypt on developing Compulsory Automobile Liability Insurance

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• Sherif Samy: Coordination with traffic police to secure the system of Compulsory Automobile Liability Insurance and reduce forgery
• Premiums of insurance companies last year was 17 billion pounds and its investments reached 57 billion pounds
• EFSA discussed with insurance companies the activation of micro insurance system

Sherif  Samy – EFSA’s Chairman  stressed  on the importance of developing the issuance of insurance policies against civil liability arising from accidents and rapid transit vehicles, known as “compulsory insurance”. He pointed out that EFSA’s decisions which regulate the E-issuance and distribution of these policies aimed at facilitating procedures and reducing fraud or manipulation.

At a meeting with leaders of insurance  companies in Egypt at the headquarters of the Insurance Federation of Egypt  headed by Abdel Raouf  Kottb and with the participation of a number of  EFSA’s specialists, EFSA’s Chairman  noted that there is coordination with the Assistant to the Minister of Interior for  specialized police and the  General Directorate of Traffic to link the issuance of compulsory insurance with a database without  violating  the  data’s confidentiality.

Sherif Samy – EFSA’s Chairman discussed with the heads of the insurance companies mechanisms of activating micro insurance to achieve financial inclusion and increase the spread of these companies, especially in light of the possibility of distributing micro insurance policies through NGOs and companies licensed to practice microfinance as well as Egypt Post and insurance brokerage firms.

The meeting discussed the current situation of the companies after the liberation of the exchange rate. Also, it discussed the developments in medical insurance branch, especially in light of the recent rise in the cost of medicine and high health care services.

On the sidelines of the meeting, EFSA’s Chairman revealed that in the financial year ending 30 June 2016, the premiums of insurance companies exceeded the 17 billion pounds and witnessed a growth by 12%. While the estimated surplus of insurance activity was 2.3 billion pounds, recording an increase by 11.6%.

He noted that investments of insurance companies exceeded 57 billion pounds witnessing an increase by 9% from the previous year. Those investments included shares worth about 7 billion pounds and mutual funds’ certificates amounted to 2.2 billion pounds, bank deposits and investment’s certificates by 17.5 billion pounds, in addition to government bonds and corporate bonds, real estates and collateral assignment of life insurance.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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