Minister of Finance Mohamed Maait confirmed that the development map of the new republic — which President Abdel-Fattah El-Sisi succeeded in laying by launching many unprecedented national projects — opens broad prospects for the insurance industry in Egypt.
This is especially the case since the government has succeeded in improving the business environment for insurance companies and encouraging small- and medium-sized business to foster a promising market that meets the insurance needs of investors in major development projects.
Maait’s statements came during his participation in the General Assembly of the African Reinsurance Company in Cairo on Wednesday.
The minister stressed that the accelerated growth of the insurance sector is reflected in the improvement in the performance of the Egyptian economy, which aspires to be more diversified, comprehensive, and sustainable based on production, employment, and export, including the export of services.
Maait then called on the global insurance industry to contribute effectively to the transformation of the green economy in Africa and be a part of the solution to the climate change crisis by supporting green projects from underwriting to investments.
“It is time to unite continental and international efforts to reduce carbon emissions and support efforts to achieve the sustainable development goals,” the minister said, pointing out that “the UN Conference of Parties on Climate Change that Egypt will host in Sharm El-Sheikh this November looks forward to global insurance initiatives that contribute to supporting emerging and developing economies in adapting to climate changes.”
Furthermore, he noted that the optimal use of modern technology in the insurance industry would help change insurance practices in Africa in a manner consistent with efforts to localise global expertise in this vital sector.
Maait also stressed the importance of sustaining efforts to enhance African cooperation in various economic and development fields — including the insurance sector — in a manner consistent with the goal of continental integration and being able to flexibly deal with global challenges that are increasingly complex.
Additionally, he explained that Egypt has strong cultural ties and thriving trade relations with African countries, and that it owns the third largest insurance market in Africa, which provides many investment and development opportunities for insurance companies wishing to expand in the Egyptian market.
Cornell Karkezi — Managing Director and CEO of the African Reinsurance Company — said that this is the third session of the General Assembly in Egypt, which is one of the leading countries that established the African Reinsurance Company.
For his part, Gamal Saqr — Regional Director of the African Reinsurance Company — said that Cairo’s initiative to host the company’s general assembly meetings confirms the great importance of the Egyptian state at the African and global levels in all political and economic aspects to Cairo’s attractiveness to host the meetings of many general assemblies of regional financial entities, pointing to the sponsorship of the finance ministry and its keenness to provide all support to ensure that these meetings are held successfully.