Egypt – Regulator handles the national reinsurer
Thursday, 02 08 2018, Category: Insurance and Reinsurance, Country: Egypt
In a dramatic development about the creation of a national reinsurance company, the Egyptian Financial Supervisory Authority officially took over the project in an anticipatory move to speed its creation for two factors: First, stop the outflow of premiums to foreign countries; retain premiums internally. Second, secure and save foreign currencies.
It is well known that insurance companies collect premiums from customers in the market and cede parts of these premiums to reinsurers in the international markets in line with the size of risks assumed. These reinsurance premiums are paid in US dollars.
Mr. Reda Abdel Moaty, vice chairman of the Egyptian Financial Supervisory Authority (EFSA) said that the authority is coordinating with the Insurance Federation of Egypt and Misr Insurance Holding in order to examine all the details of this projects and the obstacles that could be faced in this regard.
Source: Al Mal News