Egypt – No formal entity for brokers
Monday, 08 28 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Adel Fatoury, managing director, of “Wethaq” Takaful company and member of the board of directors of the Insurance Federation of Egypt said that reforming successfully the insurance sector necessitates the contribution of all concerned parties.
He indicated that the insurance market lacks an official entity that would organize the operations of insurance and reinsurance brokers as they are an important element of insurance growth. He noted that the insurance industry is formed from many elements. First, it is formed by the legislation, the financial supervisory authority as a regulator. Second, the insurance companies as service providers in addition to beneficiaries who take advantage from the service. Third, the brokers who intermediate between customers and companies.
Source: Al Mal News