Egypt: Insurance federation eager to offer risk data to industry
Source: Middle East Insurance Review | May 2024
The Insurance Federation of Egypt (IFE) is keen to provide specialised technical information that serves the insurance sector, especially in branches for which there is a dearth of data.
The IFE is cooperating with the authorities concerned to provide weather data in Egypt, reported Al Mal News.
These efforts are made through the IFE’s technical committees — especially the General Committee for Agricultural Insurance in the Federation, which was established in 2019. Work carried out includes studying parametric insurance policies based on the weather index.
In its weekly bulletin, the federation highlighted the importance of weather forecasting in the field of agriculture, as weather data is a basic driver and guide for farmers to make most agricultural decisions, for example, determining the optimal timing for preparing the land, planting, and organising irrigation schedules. It also helps investors assess the success of the projects they participate in.
Weather data also help predict production rates and provide early warning services for any risk factors that may harm crops, such as floods and pest attacks. Weather forecasts provide appropriate guidance to predict when pests will arrive and the best time to implement pest control measures to obtain the best results. M