Egypt – Bancassurance realized premiums of EGP 2.5 billion
Thursday, 05 07 2015, Category: Insurance and Reinsurance, Country: Egypt
Mr. Sherif S. Samy, Chairman of the Egyptian Financial Supervisory Authority declared that the role of banks is important with a big impact on the insurance sector in Egypt and he said that bancassurance sold through banking branches realized premiums of EGP 2.5 billion last year.
He added in the opening of a workshop under the title “Bancassurance – opportunities and challenges” in the presence of the president of the Insurance Federation, a representative of the central bank with the participation of large number of leaders from the banking, insurance and broker fields that he expects the Egyptian Post to play an active role in collaboration with a number of insurance companies in order to offer “postal insurance” through the postal offices available throughout the Egyptian republic.
He indicated that the Authority issued a year ago the regulations that govern this activity in order to allow the marketing of these services and insurance products to the large customer base of the Postal Authority, where a large proportion of them do not deal with banks, clarifying that the Authority issued licenses to 8 insurance companies collaborating with 17 banks providing “bancassurance”.
Source: Al Mal News