Egypt: New EFSA head urges closer cooperation with IFE for sector's growth
Source: Middle East Insurance Review | Nov 2017
Egypt
Dr Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority (EFSA), has said that one of the main objectives of the regulator is to develop the insurance sector, which represents a vital part of non-banking financial services. Closer cooperation and coordination with the Insurance Federation of Egypt (IFE) is needed to increase premium volume and the insurance sector’s contribution to the economy.
Dr Omran was speaking at the first meeting of the newly elected council of the IFE which he had attended. He was named EFSA acting chairman in August, the same month in which the IFE elected its new chairman, Mr Alaa El Zoheiry, Managing Director of the Arab Misr Insurance Group.
This was the first of a series of periodic meetings between EFSA officials and IFE representatives to study market needs, resolve problems and discuss various insurance plans for different groups of society, foremost of which are microinsurance products to boost financial inclusion, reported Arab News.
Dr Omran presented the draft of a new insurance law to IFE members to solicit the industry’s views before presenting the Bill to the relevant authorities.
During the meeting, Mr El Zoheiry outlined the programmes which the IFE plans to carry out for the advancement of Egypt’s insurance industry.