The Insurance Federation of Egypt (IFE) has established a sustainable insurance committee.
The new committee will cooperate with other technical committees of IFE so as to include the principles of sustainable insurance in all branches of insurance and to embed these in the insurance value chain.
The sustainability committee will also study sustainability challenges with the other technical committees and propose solutions from the Egyptian insurance market's point of view. These include issues like how to manage natural risks, climate change, and the accessibility and affordability of insurance.
The new committee will also develop a road map for sustainable insurance with the Financial Regulatory Authority, including studying the legislation and decisions that would promote sustainable insurance in Egypt.
The IFE, in a recent weekly bulletin, says it would draw up a general guide for sustainable insurance to spread awareness of the general principles of sustainability.
The IFE has also formed a microinsurance committee that aims to create simple insurance products for those with low income and to study the distribution models and operations for microinsurance and integrating them into the country's financial inclusion strategy.