Egypt has implemented a comprehensive reform programme for the insurance industry over the past four years, helping strengthen financial stability, boost capital market activity, and position Egypt as a regional hub for financial services, according to the Minister of Investment and Foreign Trade, Dr Mohamed Farid Saleh.
Speaking at the opening of the 52nd African Insurance Organisation (AIO) Conference in Cairo on behalf of Prime Minister Mostafa Madbouly, Dr Farid said the reforms include stronger governance standards, enhanced capital requirements, digital transformation, and investment in human capital, particularly the development of a new generation of insurance and actuarial professionals.
Dr Farid stressed that insurance has evolved beyond risk management to become a key driver of economic growth, savings, investment, and social protection. He noted that regulatory changes encouraging greater participation by insurance companies and pension funds in capital markets have contributed to increased liquidity and activity on the Egyptian Stock Exchange.
He also highlighted broader economic reform achievements, revealing that private-sector investment now accounts for 59% of total investments, up from a historical average of 42%, while the market capitalisation of the Egyptian Stock Exchange has risen to more than EGP3.8tn ($73.3bn), compared with EGP1tn in 2018.
He reaffirmed Egypt’s commitment to strengthening cooperation among African insurance markets and announced plans for a dedicated Africa-focused investment fund, established through a partnership between Egypt’s Sovereign Fund and the private sector, targeting sectors including pharmaceuticals, education, and financial services.
Dr Farid said that expanding insurance inclusion remains a key priority to enhance economic protection for citizens and support long-term economic stability across Egypt and the wider African continent.
The 52nd AIO Conference, taking place between 5 and 9 June, has the theme: “Insurance as an Enabler of Economic Growth for All”. According to the State Information Service, the Conference has attracted more than 2,000 participants across the world. The Insurers Federation of Egypt hosts the event under the patronage of the Prime Minister and the Financial Regulatory Authority.