Egypt – Raising insurance to 1.5% of GDP
Saturday, 11 04 2017, Category: Insurance and Reinsurance, Country: Egypt
Mr. Hisham Ramadan the consultant of the chairman of the Egyptian Financial Supervisory Authority for insurance affairs said that the Authority is preparing a strategy for the insurance sector that includes amendments to the new law, which is to be debated by the public, adding that the Authority will raise the contribution of the sector to GDP to 1.5% over the next 4 years instead of 0.8%.
He added at the margins of the seminar of actuaries at the headquarters of the Insurance Federation of Egypt that the Authority is studying the need of the market for compulsory insurance lines. He said that some public sector assets are not insured and this has to be addressed. He also confirmed the need for raising the capital as a function of the risks of the insurance company.
Source: Amwal Al Ghad