Chairperson of the Financial Regulatory Authority (FRA), Mohamed Farid, said that the insurance instalments in the Egyptian market amounted to EGP 66bn from August 2022 to July 2023. He also said that the insurance companies paid EGP 29.6bn in compensation to their clients during the same period.
Farid made these statements at the opening session of the fifth Sharm El-Sheikh Insurance and Reinsurance Forum. He also said that the FRA registered new brokers and re-registered others, totalling 17,191 brokers in the first eight months of this year. He added that the FRA dealt with 1,992 complaints related to the insurance sector.
Farid outlined the FRA’s strategic plan to raise insurance awareness, ensure insurance coverage, and increase the sector’s share in the GDP. He said that the plan is based on several axes, including empowering technology in the insurance sector by allowing insurance companies to promote their products through electronic stores and applying cybersecurity rules.
He also stressed the FRA’s plan to review the effects of inflation and interest rates on the financial results of insurance companies. He said that the FRA will ask companies to prepare indicative pricing for insurance products based on actuarial studies and then review them to ensure their compatibility with the companies’ financial solvency and operational capabilities.
Finally, Farid announced that the first Egyptian actuarial table in the life insurance activity will be applied soon. He said that this will contribute to supporting this activity and setting a fair price for products.