Egypt – EGP liberalization supports insurance
Friday, 01 05 2018, Category: Insurance and Reinsurance, Country: Egypt
Mr. Adel Fatoury, the managing director Wethaq Takaful Insurance said that the liberalization of the exchange rate of the Egyptian Pound was a necessary step and had many rapid positive effects on the insurance industry such as securing foreign currencies in order to settle reinsurance due amounts and providing liquidity especially USD liquidity.
Moreover, Mr. Fatoury added in an interview with “Youm 7” that the insurance industry faced a crisis before the liberalization of the exchange rate because USD was not available so it was difficult to make due payments to reinsurers and many companies exited the Egyptian market. However, the sector became attractive now for many reinsurers and many direct investments were also made inside the Egyptian insurance market.