The Insurers Federation of Egypt (IFE) believes that global conflicts since 2020 have highlighted the increasing complexity of the geopolitical, social and economic factors facing insurance companies, noting that the positive aspect of these crises is that insurance companies have learned how to navigate and and even thrive in a world whose outlook is darkened by uncertainty.
Dr Khaled Abdel-Ghaffar, Minister of Health and Population, has held discussions with Dr Mohamed Farid, Minister of Investment and Foreign Trade, on the development of the government's Comprehensive Universal Health Insurance System (UHIS) and enhancing cooperation with the private sector to expand the scope of coverage.
Dr Islam Azzam has been appointed, by presidential decree, as the new Chairman of the Financial Regulatory Authority (FRA), which supervises the insurance and non-banking financial sectors.
The biggest global repercussions of the ongoing military conflict in the Middle East include the increased risks of terrorism, spikes in reinsurance prices, fluctuations in financial markets and energy prices, and hikes in compensation costs, according to Mr Khaled Abdel-Sadek, a Vice Chairman of the Insurers Federation of Egypt (IFE).
The Insurers Federation of Egypt (IFE) is working to broaden the scope of sustainable insurance and advance insurance inclusion, with the aim of ensuring that all citizens have access to insurance services through a range of targeted initiatives.
The Financial Regulatory Authority (FRA) has issued a resolution introducing a comprehensive regulatory framework designed to govern the establishment, registration, and oversight of insurance auxiliary bodies. This move strengthens the insurance ecosystem by modernising regulatory oversight and optimising support service efficiency.
Egypt's biggest insurance group, Misr, has plans to enter Nigeria's non-life and reinsurance market.
Kuwait-headquartered Gulf Insurance Group is establishing Ahalina Microinsurance Company through its subsidiary GIG Egypt.
Newly-established Riyadh Reinsurance Company has obtained the green light to operate in the Egyptian market.
The Insurers Federation of Egypt has recommended a comprehensive review of the design of insurance products to include mental health coverage as an integral part of medical insurance, life insurance and income protection against disability.