The Financial Regulatory Authority (FRA) has directed non-banking financial institutions, including insurers, to adhere to new governance rules.
A senior insurance executive has proposed a minimum price for natural disaster insurance so that the price of the basic insurance policy, to which Nat CAT cover is attached, would remain unaffected.
The Insurance Federation of Egypt (IFE) has developed a strategy to help low-income groups access insurance services by introducing new products that meet their needs, according to its chairman, Mr Alaa El-Zoheiry.
The Insurance Federation of Egypt (IFE) and the General Authority for Health Insurance (GAHI) have signed a cooperation protocol to improve the comprehensive health insurance system in Egypt.
The implementation of the first Egyptian actuarial tables for life insurance will commence soon, which will contribute to supporting life insurance business and promoting the fair pricing of products, Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA) has said.
The Financial Regulatory Authority (FRA) has spelt out requirements that insurance companies and cooperative insurance societies operating in the Egyptian market must meet in pricing insurance policies to ensure fair competition and to protect policyholders' interests.
The amount of compensation that insurance companies would pay in Morocco due to the large losses caused by the 8 September 6.8-magnitude quake that struck in the High Atlas Mountains, is expected to reach $300m, according to Mr Alaa El-Zoheiry, chairman of the Insurance Federation of Egypt.
Gross written contributions (GWC) for takaful business reached EGP4.3bn ($139m) in the first six months of 2023, a decline of more than 6% from EGP4.5bn generated in the corresponding period of 2022.
The Insurance Federation of Egypt (IFE) is scheduled to sign some local and regional MoUs during the fifth Sharm Rendezvous which will be held on 17-19 September in the resort town of Sharm El-Sheikh, according to the insurance association's chairman, Mr Alaa El-Zoheiry.
The Insurance Federation of Egypt (IFE) is preparing a study on natural disaster bonds and the challenges of their application.