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Egypt: Regulator's goals for insurance sector with premiums to double by 2022

Source: Middle East Insurance Review | May 2018

Dr Mohamed Omran, chairman of the Financial Regulatory Authority (FRA), has revealed that the National Strategy for Non-bank Financial Services, currently in the drafting stage, aims to double insurance premiums in the country to EGP50bn ($2.8bn) by 2022 from EGP24bn in 2017.
 
   The strategy also aims to: deepen the contribution of the insurance sector to Egypt’s GDP to over 1% over the next four years; increase net investments of insurance companies to about EGP150bn by 2022, compared to EGP86bn in 2017; and expand the size of private insurance funds to EGP100bn compared to EGP60bn currently.
 
   During a recent roundtable discussion on the draft National Strategy at the Ministry of Investment, Dr Omran said the FRA plans to achieve the targets through an intensive programme to develop the insurance market by extending insurance umbrella for all segments of society and increasing insurance coverage, reported Youm7.
 
   The moves would include introducing professional TPL insurance for various professions; developing legislation governing insurance activity; promoting innovation and the use of modern technology; establishing the first life tables from the experience of the Egyptian market; increasing insurance awareness; and developing private insurance funds.
 
   The National Strategy, covering 2018-2022, is formulated within the framework of efforts to develop the non-banking financial sector to enhance financial coverage and provide the necessary funding for new investments. A final version of the Strategy will be submitted by the Ministry of Investment for adoption by the Council of Ministers and the Supreme Council for Investment. M 
 
EGP1 = $0.06
 
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