Egypt: Parliamentary economic committee proposes formation of national reinsurer

Source: Middle East Insurance Review | Apr 2024

The Economic Committee of the House of Representatives has recommended that a national reinsurance entity be established and that a small panel be formed to discuss the creation of the reinsurer.

This was raised during a meeting of the committee with government officials and insurance industry representatives to discuss a briefing request submitted by lawmaker Dr Ghada Ali regarding the “loss of foreign exchange due to the lack of a national reinsurer”, reported Al Mal News.

Insurance Federation of Egypt president Alaa El-Zoheiry said that the market is indeed in need of a reinsurance company after the liquidation of state-owned Egypt Re in 2008 and its merger with Misr Insurance.

He said, “We have experience and conducted feasibility studies as a federation.

“For Egypt to have a reinsurance company with a capital of $200m and owned by Egypt is important and not difficult.” M

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