Africa News - Egypt: Private insurance funds boast assets of over US$6 bln - EFSA

Source: Middle East Insurance Review | Jan 2016

Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA)

The total assets of private insurance funds in Egypt rose by 10% to hit EGP48.2 billion (US$6.1 billion) during fiscal year 2014-15, according to Mr Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA).

The total number of insurance funds registered at EFSA reached 625 with 4.608 million members as at 30 June 2015, reported Amwal Al Ghad citing Mr Samy.

EFSA granted licences for 18 new investment funds to work in the private insurance funds field, he added.

Mr Samy disclosed the figures at a seminar organised by EFSA to brief private insurance funds on the latest amendments to regulations, which were issued in the middle of last year, covering governance and investment management among other matters. They also allow private insurance funds to sign contracts with management services companies to manage memberships, fees and members’ services.

Private insurance funds are schemes established in companies or associations that pay damages, financial benefits or periodic salaries to members who find themselves in need.

EGP1 = US$0.12

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