The Insurance Federation of Egypt (IFE) is seeking to implement policies aimed at closing the insurance protection gap, which is estimated at $2.8bn in the Egyptian market, according to Mr Alaa El-Zoheiry, the president of the association.
He said that the IFE intends to narrow the gap through three axes: agricultural insurance, microinsurance and government asset insurance, reported the newspaper Hapi.
Mr El-Zoheiry said in a statement that the IFE has formed a committee to develop agricultural insurance. He added that a study has been submitted on insuring government assets and buildings.
Nat CAT pool
He also reiterated that the IFE plans to launch a Nat CAT insurance pool. Its officials have held many meetings and symposia in cooperation with international reinsurance companies working in the field of reinsurance, such as France's CCR. In July, he had said that the natural disaster insurance pool could be established within six months.
On work in other areas, he added that the IFE helped form a compulsory motor insurance pool in August, with the aim of resolving issues in this class of business.
Mr El-Zoheiry said that the Egyptian market collected insurance premiums totalling EGP29.5bn ($1.8bn) during the 2018/2019 fiscal year, representing growth of 13% over the previous financial year.
He expects the insurance sector to grow by 14% this year, pointing out that the IFE is targeting total premiums of EGP50bn by 2023 for the Egyptian market.