News - MENA

• IFE will activate its technical committees to create practical programmes to develop insurance business through new technical and marketing methods, in cooperation with major insurers and reinsurers. This will require the development of criteria for the selection of the members of technical committees with the participation of all insurers, whether represented on the IFE council or otherwise. The task also includes the development of the work of some committees, such as the Committee for Training, Development and Awareness of Insurance, so that channels of communication between them and the various media are created to spread insurance education.
• IFE will introduce a code of ethics for insurers and lay down the basic rules for a sound insurance process.
• IFE will coordinate its work with that of the Egyptian Financial Supervisory Authority (EFSA) and cooperate with various government agencies and ministries, which may affect the insurance sector such as those overseeing the interior, housing, business, investment, internal trade and industry, electricity and welfare. The programme includes holding direct meetings with ministers in coordination with EFSA in order to identify the future plans or different projects of the ministries and how the insurance sector can contribute to them by providing innovative insurance solutions.
• IFE will form a Coordination Committee with insurance intermediaries. This committee will set up cooperation frameworks with intermediaries, identifying their expectations for the sector’s development and obstacles hindering the latter’s work with insurers. The IFE will coordinate with intermediaries to form a strong union that includes intermediaries and brokers.
• IFE will work with EFSA to promote compulsory insurance, especially liability insurance. This would be to cover the professional liability of doctors, lawyers, accountants and others, in addition to public liability such as for restaurants, cinemas and theatres.
• IFE will act as the voice of insurers in Egypt, in dealing with regulators, ministries, government or media organisations, as well as associations and insurers outside Egypt. Mr El-Zoheiry said that IFE members will be provided access to a database, which will have statistical market data and information such as commission rates or losses in a particular class of insurance.
• The role of the IFE General Secretariat will be developed to better serve insurers. This includes training employees in the General Secretariat and recruiting cadres to achieve the Federation’s vision.
• IFE will develop cooperation with specialised training institutes, whether local or international, to achieve a system of training in all disciplines of the insurance sector. The task includes organising educational meetings that do not necessarily involve insurance subjects, but topics related to other business sectors.
• IFE will cooperate with regional insurance organisations and unions to exchange experiences, and sign protocols with international insurance organisations which can help develop the Egyptian insurance market.
• IFE will develop and update its website, to include data on insurance and global reinsurance markets as well as provide a glossary of insurance and reinsurance terms in the English language to assist insurance workers, and provide information to third parties dealing with the Egyptian insurance market. The website will have important data useful in helping customers make insurance decisions.
• IFE will hold an annual global conference, which will discuss the developments in the Egyptian insurance market and the opportunities that this market can offer in cooperation with international counterparts, which may contribute to the establishment of a global reinsurance company in the Egyptian market. Mr El-Zoheiry stressed that the conference will be concerned with various issues that will develop and increase the volume of insurance premiums in Egypt. 
• IFE will strengthen its social role and carry out some projects that serve society as well as benefit the insurance sector in the long term. Included in this task is cooperation with the Ministry of Education to support the teaching of insurance so as to develop employment opportunities in the industry.