Egypt: Regulator prepares studies on forming national reinsurer

Source: Middle East Insurance Review | Jun 2024

The Financial Regulatory Authority (FRA) is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.

FRA vice chairman Islam Azzam told Amwal Al-Ghad that the studies include ensuring the financial solvency and technical competence of the proposed reinsurer. This is to make sure of the new entity’s ability to perform its required role to the fullest extent — in particular, limiting the transfer of a large portion of the insurance portfolios of several local companies to overseas reinsurers.

He said that the Authority will not allow the establishment of the reinsurer until it has ensured that the new entity would show good financial and operating indicators and will make a difference in the Egyptian insurance market in terms of the levels of retaining premiums inside Egypt.

He said that establishing an Egyptian reinsurance company is a priority in supporting economic growth, especially attracting funds for investments. M

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