Dr Islam Azzam has been appointed, by presidential decree, as the new Chairman of the Financial Regulatory Authority (FRA), which supervises the insurance and non-banking financial sectors.
The biggest global repercussions of the ongoing military conflict in the Middle East include the increased risks of terrorism, spikes in reinsurance prices, fluctuations in financial markets and energy prices, and hikes in compensation costs, according to Mr Khaled Abdel-Sadek, a Vice Chairman of the Insurers Federation of Egypt (IFE).
The Insurers Federation of Egypt (IFE) is working to broaden the scope of sustainable insurance and advance insurance inclusion, with the aim of ensuring that all citizens have access to insurance services through a range of targeted initiatives.
The Financial Regulatory Authority (FRA) has issued a resolution introducing a comprehensive regulatory framework designed to govern the establishment, registration, and oversight of insurance auxiliary bodies. This move strengthens the insurance ecosystem by modernising regulatory oversight and optimising support service efficiency.
Egypt's biggest insurance group, Misr, has plans to enter Nigeria's non-life and reinsurance market.
Kuwait-headquartered Gulf Insurance Group is establishing Ahalina Microinsurance Company through its subsidiary GIG Egypt.
Newly-established Riyadh Reinsurance Company has obtained the green light to operate in the Egyptian market.
The Insurers Federation of Egypt has recommended a comprehensive review of the design of insurance products to include mental health coverage as an integral part of medical insurance, life insurance and income protection against disability.
Egypt's Financial Regulatory Authority (FRA) has issued a mandate requiring companies operating in the consumer finance sector to provide insurance coverage for clients.
Egypt's lawmakers have appointed Dr Mohamed Farid Saleh as Minister of Investment and Foreign Trade. His immediate past position is that of the Chairman of the Financial Regulatory Authority (FRA), a post he held since 2022.