Egypt: Insurance Federation and regulators to develop smart ship framework
Source: Middle East Insurance Review | Apr 2025
The Insurance Federation of Egypt (IFE) has said that insurance companies in the country will cooperate with regulatory authorities and technology companies to develop a clear legal and insurance framework that meets the needs of the insurance sector covering autonomous ships.
In its latest weekly bulletin released on 23 February, the IFE said that by 2030, marine insurance is expected to see a radical transformation with the use of smart and autonomous ships, as technology will play a pivotal role in reshaping the insurance industry and new insurance products will be designed to focus on cyber hacking, software failures and data loss risks.
There will also be reliance on big data analytics and artificial intelligence, to assess risks more accurately.
The bulletin added that the IFE had sought since its inception to support and promote marine insurance, and for this reason, the federation was one of the first insurance federations to join the International Union of Marine Insurance (IUMI) to keep pace with the latest developments in this vital branch of insurance.
The IFE has also nominated marine insurance underwriters in the Egyptian market to sit on several technical committees in the IUMI. M