Egypt – New insurance licenses will be linked to market needs
Friday, 12 11 2015, Category: Insurance and Reinsurance, Country: Egypt
The regulatory reform carried out by the Egyptian Financial Supervisory Authority on the law No 10 of year 1981 and subsequent amendments in law No 118 of year 2008 will link the issuance of new insurance licenses to the true need for these companies in the market in an anticipatory move aiming at controlling competition given the increase in the number of players in the market which are 33 companies whether in life or non-life.
Mr. Sherif Samy chairman of the Authority said that the conditions in order to establish a new insurance companies under the current regulations were limited to the feasibility study and the possibility of increasing market premiums without examining the need of the market for new markets at the basis. This caused an increase in the number players chasing for the same premium base.
Source: Al Mal News