The chairman of the Financial Regulatory Authority (FRA) Dr Mohamed Farid has emphasised the importance of establishing actuarial departments within insurance companies, given the vital role actuarial models and estimates play in assessing risks, pricing insurance products and enhancing insurance companies' financial stability.
Gross written premiums for the insurance industry in Egypt registered notable growth rates in 2024 with takaful contributions, in particular, showing outstanding performance.
The Federation of Egyptian Insurance Companies has sounded the need for insurers to cooperate with real estate developers and technology providers to create insurance products for smart homes.
The Financial Regulatory Authority (FRA) has announced that it is raising the ceiling on coverage in microinsurance products by 25% to EGP312.5,000 ($6,160) from EGP250,000.
The Financial Regulatory Authority (FRA) has approved changing the name of the Egyptian Insurance Federation to 'Federation of Egyptian Insurance Companies'.
The Financial Regulatory Authority (FRA) has announced that its board has made decisions on new rules for calculating and forming technical provisions by property and liability insurance companies and life insurance companies.
The Insurance Federation of Egypt (IFE) has said that insurance companies in the country will cooperate with regulatory authorities and technology companies to develop a clear legal and insurance framework that meets the needs of the insurance sector covering autonomous ships.
The chairman of the Financial Regulatory Authority (FRA) has stressed the need for insurance entities to increase investment in developing the capabilities of professionals to groom cadres capable of raising the efficiency and competitiveness of the industry, especially in the insurance broking segment.
Insurance companies operating in Egypt posted a surplus of EGP14.6bn ($289m) in the financial year ended 30 June 2024 (FY2024) from operations, according to Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA). This result represents an increase of 49.3% over the EGP9.8bn reported for FY2023.
The Financial Regulatory Authority (FRA) has granted insurance companies, which have not completed the procedures for obtaining a licence or have started to operate, a period of time to align their positions in accordance with the provisions of the Authority's latest decision regarding the rules of incorporation and licensing for companies operating in (re)insurance activity.?