Insurance companies operating in the Egyptian market chalked up a premium volume of EGP43.68bn ($899.5m) during the first six months of this year, growing by 22.1% from EGP35.77bn in the corresponding half in 2023, according to data from the Financial Regulatory Authority (FRA).
Sarwa Life Insurance, the life insurance arm of Contact Financial Holding Group which is a leading non-bank financial services group in Egypt, has established itself among the largest insurance companies in the country.
Dr Mohamed Farid, the chairman of the Financial Regulatory Authority (FRA) has called on insurance companies to adjust their operations to the recently enacted Unified Insurance Law.
The Insurance Federation of Egypt (IFE) said that its property technical committee is currently preparing an insurance policy for restaurants in line with international practices and in light of the high losses that restaurants face due to the nature of their operations.
Egypt's Prime Minister Dr Mostafa Madbouly has issued a decision directing that part of the money in the Policyholders Protection Fund (PPF) be used for training and educational programmes for the Egyptian insurance market.
The operating performance of Egyptian Takaful Property & Liability Insurance Company (EGTAK is assessed as adequate, says AM Best.
The Insurance Federation of Egypt (IFE) says that interest in financial inclusion has become a matter of great importance to governmental organisations and financial institutions such as insurance companies and banks.
The number of shops in Egypt which have caught fire has increased recently, causing huge financial losses to the shopowners.
The Unified Insurance Law, enacted earlier this month, allows the Financial Regulatory Authority (FRA) to license actuarial companies.
The mandatory divorce policy set out in the recently-enacted Unified Insurance Law will apply to those about to get married, according to lawmaker Ihab Ramzy, a member of the Legislative Committee of the House of Representatives.