Egypt: Insurance federation sets up risk management unit
Source: Middle East Insurance Review | Feb 2020
The Insurance Federation of Egypt (IFE) has launched a risk management department to support insurers to face societal, economic and technical challenges, and to back them when they renew reinsurance agreements, as well as when they seek a high credit rating from international rating agencies.
Risk management has become an imperative for insurers in ensuring financial solvency and in technical planning. It also helps them in determining the percentage of retention of business when they renew reinsurance agreements, industry experts told Al Mal.
IFE chairman Alaa El-Zoheiry said the federation pays special attention to supporting insurers operating in the Egyptian market in institutional risk management by transferring the necessary technical expertise to the Egyptian market, in addition to supporting and assisting risk department officials in Egyptian insurers to obtain specialised certificates.
Furthermore, he said the Financial Regulatory Authority (FRA) has repeatedly emphasised its intentions to implement the concepts of risk management in Egyptian insurers and to adopt a risk-based capital adequacy system to achieve more stability for the Egyptian insurance market. M