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Insurers proved their trustworthiness during the unrest, but the market must innovate more to reach its full potential, says Dr Adel Mounir, Deputy Chairman, Egyptian Financial Supervisory Authority (EFSA).
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Although the Egyptian insurance industry suffered losses during the crisis, it demonstrated a high level of organisation, credibility and resilience in dealing with the unrest. Players are rebounding strongly, and the market remains active with expectations for brighter horizons ahead despite the challenges.
The insurance sector’s unity in dealing with the impact of the unrest has given new-found credibility to the Insurance Federation of Egypt (IFE), says Mr Abd El Raouf Kotb, President of the association.