Mr Alaa Al-Zoheiry, Managing Director of the Arab Misr Insurance Group (gig), has been elected as Chairman of the Insurance Federation of Egypt (IFE) in an election held yesterday.
He beat Dr Adel Moussa, Chairman and Managing Director of Misr Insurance, to the seat. The election, originally expected to be a three-way contest, turned out to be a two-way fight after the incumbent Chairman, Mr Abdul Raouf Kotb who is Managing Director of Egyptian Saudi Insurance House, withdrew from the race, reported Al Mal News.
Dr Saeed Gabr, Managing Director of Suez Canal Insurance, is the Vice Chairman of the trade association by acclamation, as his was the only name submitted for the position.
Several other top industry executives were elected to the IFE board. The term of the board is four years from the date of the election of its members. Members may be re-elected for another term.
Mr Kotb said that he withdrew from the election because he did not want to stand when there were more than two candidates.
He served as IFE Chairman for the past 10 years. During this period, the insurance industry saw many achievements, including amendments to the insurance law that allowed the establishment of brokerage companies. The industry also saw the resumption of bancassurance, issuance of decisions by the Egyptian Financial Supervisory Authority to regulate micro-insurance and the electronic publication of insurance documents. The Federation organised as well several regional and international conferences, workshops and seminars. Mr Kotb also worked through his presidency of the Institute of Insurance to translate 21 insurance books during the period to enrich the Arab insurance portfolio.