Mr Reda Abdel Moaty, vice chairman of the Financial Regulatory Authority, has said that he is bullish about the growth of the insurance sector during the new year, with the optimism stemming from the positive economic indicators.
He outlines several moves which the Authority is making during the current year to support the insurance industry. These include legislation to promote microinsurance, expand agricultural insurance, introduce various classes of compulsory insurance, shift to risk-based supervision and update financial solvency standards in line with international norms, according to a report by Amwal Al Ghad.
He expects the insurance business to grow this year, supported by the enactment of a new insurance law.
He also says that the number of insurers in the Egyptian market would increase this year, as the FRA has received applications to establish three new insurance companies, two of them by Egyptian investors, and the third by a Kuwaiti group of companies, In addition, local investors plan to establish two insurance brokerages and a reinsurance broking firm.