The International Association of Insurance Supervisors (IAIS) has selected Egypt's insurance regulator, the Financial Regulatory Authority (FRA), to join the Protection Gap Task Force (PGTF) for natural disasters.
This is the first time Egypt’s regulatory body has joined the PGTF. The FRA has charged Dr Tarek Seif, Executive Director of the Financial Services Institute to serve as its representative. He will also be the first Egyptian to serve in this capacity.
The FRA has worked hard to develop the insurance sector, notably by issuing the Unified Insurance Law followed by 47 regulatory decisions aimed at establishing a strong, resilient market capable of adapting to global changes, according to a statement by the FRA.
The FRA’s comprehensive reforms have translated into the active development of the Egyptian insurance sector through legislation, the enhancement of technological infrastructure and fortifying of regulatory framework in non-banking financial markets, said Dr Mohamed Farid, Chairman of the FRA.
The PGTF aims to assist regulators and policymakers, particularly in emerging and developing markets, in identifying and addressing Nat CAT protection gaps. Launched in late 2022, it operates in collaboration with the World Bank and various international partners.
Dr Seif brings over 30 years of experience in the insurance and sustainability industries, having previously served as Secretary-General of the Insurance Federation of Egypt and is a Fellow of the Chartered Insurance Institute (CII, UK).