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Egypt: Insurers step up establishing risk management panels to obtain credit rating

Source: Middle East Insurance Review | Nov 2019

Egyptian insurers have started to accelerate the establishment of risk-management committees as they seek a credit rating, according to a report in Al Mal News.
Risk committees are one of the requirements in the rating of an insurer by international rating agencies.
 
Corporate risk management plays a key role in stabilising the financial position of insurers. All the international rating agencies have agreed in their methodologies that the efficiency and effectiveness of the risk management system in insurers is one of the four main factors on which to determine their credit rating, and thus it has become a must-have for Egyptian insurers that wish to obtain a credit rating to have effective risk management.
 
Meanwhile, the Financial Regulatory Authority has stressed the application of risk-based control and risk management among Egyptian insurers. M 
 
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