Egypt: Regulator prioritises agricultural insurance
Source: Middle East Insurance Review | Jan 2024
The Financial Regulatory Authority (FRA) is placing agricultural insurance at the forefront of its agenda to develop the sector, according to FRA central department for the supervision and control of insurance companies general manager Moustafa Khalil.
He said that about 25% of Egypt’s population works in the agricultural sector which contributes about 15% of the gross domestic product, which places the protection of farms a priority for the state, including providing the necessary insurance coverage.
He was speaking on the sidelines of a training seminar on agricultural insurance and reinsurance on 26 November. The seminar was held in cooperation with the academy of the Moroccan Central Reinsurance Company, SCR Academy.
Dr Khalil pointed out that the authority had taken many measures to distribute agricultural insurance products through modern means and technological solutions, reported Amwal Alghad.
Seminar participants discussed the challenges faced by agricultural insurance, which include human bias, the lack of real-time data, delays in claims settlement, the importance of government support for agricultural products, livestock insurance and the agricultural insurance experience in Morocco.
Separately, Insurance Federation of Egypt chairman Alaa El-Zoheiry said that the federation’s general committee for agricultural insurance is currently studying three new agricultural insurance products. These products are set to be launched soon.