News Middle East14 Oct 2020

Egypt:Govt to study insurance for public sector property

| 14 Oct 2020

Egypt's Finance Minister Dr Mohamed Maait has announced that he would seek a review of insurance coverage for government facilities and buildings.

He explained that a research paper was prepared on this subject several years ago, which had led to lengthy discussions among all concerned parties. The study will be extended to cover new projects and cities, most notably, the New Administrative Capital.

The results of the study will be submitted to the Economic Ministerial Group and then to the Council of Ministers for discussion, reported Amwal Alghad.

Dr Maait said that a committee had been formed with officials from the Ministry of Finance and the Financial Regulatory Authority to look at insurance coverage of government property. A proposal was to form an institutional entity to insure state property with insurance companies in the local market and reinsurers abroad.

He said that Egypt's proposed new insurance law provides for compulsory insurance for government facilities and buildings, and that he would work to make the insurance a reality.

He pointed out that the new insurance law had been approved by the Economic Ministerial Group and presented to the Council of Ministers for approval, in preparation for submitting it to the House of Representatives for enactment.

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