Egypt – reinsurance brokerage should be reviewed
Tuesday, 06 16 2015, Category: Insurance and Reinsurance, Country: Egypt
Egyptian insurance companies have relied on foreign intermediaries in order to reinsurance its operations with foreign reinsurers compared with a reluctance to deal with the Egyptian reinsurance broker. This raised many questions on the causes of this trend in the Egyptian insurance market. Is this related to the small and limited number of reinsurance brokers in Egypt compared to the number of direct insurance brokers? What are the main elements required for a reinsurance broker? And what is the role of decision makers in supporting the reinsurance brokerage activity.
Mr. Ibrahim Abdul Shaheed the managing director of “Trus” for reinsurance brokerage said that the Egyptian Financial Supervisory Authority moved in the right direction when it issued regulations that allow the establishment of insurance and reinsurance brokerage companies in Egypt and it set the adequate criteria to control them and then to renew their licenses.
Source: Al Mal News