Insurance revenue in the tourism and travel sectors have plunged due to the coronavirus crisis, with one estimate placing the decline at 90%.
On the plus side, however, national projects that the government building has helped to stabilise and increase insurance activities in the engineering insurance sector, Mr Alaa El-Zoheiry, president of the Insurance Federation of Egypt, told Youm7 on the sidelines of the inauguration ceremony on 16 January of the new headquarters building of the Insurance Institute in Egypt.
In addition, claims have declined in medical and motor insurance business because of the reluctance of the public to step outside their homes which helped to reduce medical bills and lower motor accident rates.
Mr El-Zoheiry indicated that the COVID-19 pandemic also affected insurance companies positively in that they are investing in digitisation so as to promote the conduct of online business, including the e-issuance of insurance policies and Internet sales after receiving approval from the Financial Regulatory Authority.
Mr El-Zoheiry said that the IFE had agreed to provide a subsidy of EGP5m ($318,600) to finance the new headquarters of the Insurance Institute, because it believes in the importance of training and professional studies in promoting the Egyptian insurance sector.