The Insurance Federation of Egypt (IFE) recently celebrated its 70th anniversary marking a special milestone for an institution that has created a rich legacy in an industry it has led from the front.
The Insurance Federation of Egypt (IFE) celebrated its 70th anniversary in February 2025 and decades of unparalleled contributions to the nation’s insurance industry by all its stakeholders.
Through these years, the federation has witnessed, shaped and nurtured the growth of the industry, a testament to the vision and efforts of its founding pioneers, said IFE chairman Alaa El-Zoheiry.
Mr El-Zoheiry said the Federation’s painstaking efforts over the years to spread insurance awareness and contribute to the development of the insurance industry is evident from its invaluable archives including the minutes of its early meetings conducted in French and records of the many conferences and events organised since its inception.
In a tribute to the significance of the occasion, Mr El-Zoheiry announced an ambitious project to establish a museum that would document the federation’s history and achievements, with extensive archivals currently being curated for this purpose.
Speaking on behalf of Egypt’s Prime Minister, Financial Regulatory Authority (FRA) chairman Dr Mohamed Farid hailed the enduring partnership between the federation and the authority. He commended the remarkable role played by the IFE in promoting the Egyptian insurance industry as a cornerstone of the country’s economic stability.
Dr Farid said that the insurance industry in Egypt dated back more than 120 years with the establishment of the Egyptian National Insurance Company’ in 1900.
He also talked of the establishment of Misr Insurance Company in 1934 and the issuance of Royal Decree No 92 of 1939, which laid the foundation for regulating the insurance industry and establishing a regulatory body to supervise the non-banking financial sector.
Unified law for a new era
The celebration coincided with the issuance of the new Unified Insurance Law, a legislation that represents an important step in the development of the insurance industry in Egypt, said Mr El-Zoheiry, noting that the law would contribute to strengthening the insurance market and increasing insurance awareness among citizens, by providing more comprehensive insurance solutions.
Dr Farid said that the FRA was working to develop the sector by updating laws and regulations, ensuring financial solvency of insurers, improving competitiveness and underscoring the need to expand the base of beneficiaries of insurance services.
He also said raising insurance penetration rates which has not witnessed a significant increase over the past decades was crucial. He revealed the imminent launch of an ongoing awareness campaign for several years ahead aimed at changing citizens’ insurance concepts, stressing that spreading insurance culture is one of the main challenges that had to be faced head on.
Dr Farid also stressed the imperative of digital transformation in the insurance sector and announced that two insurers had applied for final approval to sell fully digital policies, heralding a new era in the insurance sector.
Honouring the pillars of progress
Held at the Ritz Carlton Hotel in Egypt’s New Administrative Capital, the ceremony honoured several distinguished individuals whose tireless efforts contributed to the progress of the insurance sector, including former presidents, general secretaries and employees who had dedicated more than three decades to the federation.
The event was attended by luminaries from various regional and international markets representing insurance, reinsurance, brokerage and regulatory entities. M