Insurance experts have listed several issues and recommendations that should be placed on the agenda of Egypt's reshuffled government's to advance the insurance industry.

The issues include accelerating the passage of the long-awaited unified insurance law, enhancing digitalisation, and launching a national reinsurance company, according to a report by the business news website Amwal Alghad.

Egyptian President Abdel Fattah al-Sisi swore in a reshuffled cabinet on 3 July 2024 that includes the appointment of new finance and foreign ministers. The new cabinet faces challenges such as high inflation, an economy under pressure, and regional tensions like the Gaza War. The resignation of the previous cabinet was announced on 3 June 2024.

Mr Alaa El-Zoheiry, chairman of the Insurance Federation of Egypt and managing director of GIG Insurance Egypt, stresses the importance of approving the proposed unified insurance law. The new law will introduce provisions for microinsurance, takaful, new compulsory insurance branches, digitalisation, etc.

Dr Ghada Ali, a member of the Economic Committee of the House of Representatives and an insurance expert, says that the insurance sector expects a lot from the new government, notably, coordination between financial and monetary policies in a way that will expand insurance coverage.

Dr Ali also expects the establishment of a national reinsurance company to be announced soon, in partnership with the private sector, with incentives provided by the newly established Ministry of Investment.