Egypt: Govt exploring insurance for state assets
Source: Middle East Insurance Review | Feb 2018
The Egyptian Cabinet has decided to form a committee headed by Deputy Minister of Finance Dr Mohamed Moait to study insurance for state assets.
Mr Reda Abdel Moaty, Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), said the assets will be classified according to their nature. A government insurance fund may be set up for some of them, especially buildings. It may take on the form of a company, reported Al Mal News.
Dr Mohamed Omran, EFSA Chairman, said that there is a trend among governments towards insurance for state-owned assets. He added the assets that may be included in the coverage are varied and may include buildings, power stations, and water plants.
Dr Omran also outlined several plans which EFSA has for the insurance industry in 2018. He held a meeting with the Ministers of Education and Transport to discuss the possibility of expanding the insurance of the two sectors, including cover for 22 million students.
The regulator is also looking to introduce insurance for sports activities and facilities, as well as insurance for the armed forces and police against the dangers of terrorism.
In addition, EFSA is working on finalising a national plan for the development of non-bank financial services. Dr Omran said this will be done in cooperation with government agencies in the insurance, financial leasing, mortgage financing and capital markets. The plan could be implemented by 2021. M