Egypt: Regulator holds talks with reinsurers about helping to promote economic growth
Source: Middle East Insurance Review | Dec 2022
The Financial Regulatory Authority (FRA) is holding a number of consultations and meetings with reinsurance companies to discuss the development of the reinsurance market, including products and coverage, according to FRA chairman Mohamed Farid.
The move is part of efforts to develop non-bank financial-sector activities that will support the growth of the economy, reported Amwal Alghad.
Dr Farid said that efforts are underway to develop financial services and products that would bring about integration in the non-bank financial sector, including introducing additional insurance services that would enhance real estate financing.
He also said that funding is needed for economic growth, and this requires increasing and mobilising savings that are generated through the banking and non-bank financial sectors, including insurance companies or private and government insurance funds.
The main tasks ahead involve creating the business environment to enable all economic entities to benefit from non-bank financial activities, said Dr Farid. M