• Dr. Omran: Micro-insurance policies contribute to financial inclusion
The Board of Directors of the Egyptian Insurance Federation held its first meeting last Tuesday at the Federation’s headquarter at the beginning of its new session (2017-2021) in the presence of Dr. Mohamed Omran, EFSA’s Chairman and with participation of all Board members chaired by Alaa Elzoheri – Chairman of the Federation and Managing Director of Arab Misr Insurance Group (gig).
During the meeting, Dr. Mohammed Omran affirmed that the advancement of insurance sector is one of the main objectives in EFSA’s strategy to develop the insurance sector which represents a vital market in non-banking financial services. He added that this requires closer cooperation and coordination between the Egyptian Insurance Federation and EFSA to enhance this important sector and to achieve a national target represented in increasing the volume of premiums and increasing the contribution of insurance sector in GDP, which currently stands at 1.3%.
Members of the Federation welcomed presenting the draft law on insurance supervision to the Federation to be discussed before being submitted to the competent bodies, that is within a series of periodical meetings held between the Authority’s officials and representatives of the Egyptian Insurance Federation to review the market’s needs and resolve any problems or obstacles faced by the companies, and make all insurance programs available for different segments of society, foremost of which are micro-insurance policies that contribute to financial inclusion.
On his part, Mr. Alaa Elzoheri reviewed during the meeting the proposed programs and plans to develop the work during the coming period in response to the Federation’s objectives. He stressed on the need to coordinate with EFSA and develop the local and international relations of the Federation. Also, he emphasized that there must be an annual international conference which will be held by the Federation to activate its social role and to raise the insurance awareness among citizens.
He added that these axes are one of the basis of the Federations’ strategy during its current session, which includes ambitious and constructive plans towards the advancement of the Egyptian insurance industry.