Egypt – Insurance Awareness…Interest and Education
Friday, 05 22 2015, Category: Insurance and Reinsurance, Country: Egypt
The issue of the lack of insurance awareness in Egypt, which has been discussed for a long time and which will continue to be discussed, will remain one of the main reasons behind the low contribution of insurance to GDP. Insurance makes up around 1% of GDP in Egypt while it can reach 3% in Arab countries.
I hope to see new and innovative steps taken to improve insurance awareness among citizens, and I believe that one of the most prominent non-traditional methods to enhance insurance awareness is through working along two axes: interest and education.
First Axis: Interest
Interest can be achieved by creating an incentive for citizens to search and learn about insurance programs. During the real estate tax law legislation for instance, an insurance premium discount on property from the tax base should’ve been included. This would’ve caused residential units owners to connect with insurance companies, since the real estate tax law was heavily discussed by the media, and it would’ve also raised awareness indirectly. Doing all of this would allow people to distance themselves from the misconception that the reason behind low insurance awareness is citizens’ low income.
Second Axis: Education
Awareness should be raised among students starting from the preparatory and secondary school levels regarding the importance of insurance and the role it plays. Students should also be provided with practical examples, scheduled visits with those who have benefitted from insurance and their investments should be protected by this sector.
Source: Al Mal Newspaper