News Middle East15 Apr 2021

Egypt:Financial regulator licenses new insurance brokers

| 15 Apr 2021

The Financial Regulatory Authority (FRA) has granted an insurance brokerage licence to Secure Time Insurance Brokerage Company.

The move takes the total number of insurance and reinsurance brokerage companies in Egypt to 104, reported Amwal Alghad. Of this total, 94 companies are currently in operation.

The authorities licensed the first company to carry out insurance brokerage activities in February 2009.

In June 2020, when the number of licensed brokerages reached 92 (with 83 direct insurance brokers and nine reinsurance brokerages), a decision was made by the FRA to suspend the licensing of new broking companies for a year. The FRA said then that the number of insurance brokers had exceeded the needs of the market.

The suspension appears to have been lifted. Apart from Secure Time receiving a brokerage licence, the FRA granted its final approval last month for a licence to Beyond Insurance Brokerage (BIB).


 

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