Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

Egypt - FRA suspends ins. brokerage licensing for 12m

Tuesday, 06 09 2020, Category: Insurance and Reinsurance, Country: Egypt
The Financial Regulatory Authority’s (FRA) Board of Directors has approved a 12-month pause on new licences for insurance and reinsurance brokerage, according to FRA Chairperson Mohamed Omran.

The authority had instructed for its relevant departments to prepare a study on the conditions and controls regulating the work of these companies, with a view to their development.

In a statement on Monday, Omran said that the council’s decision was taken in light of the Egyptian insurance market study’s results. This includes the finding that there is an oversupply of companies licensed to engage in insurance brokerage activity compared to the market’s needs.

On the back of this, the study found little need to increase the number of companies operating in the field, adding that licensing new companies may only damage the industry. The situation may require and benefit from international expertise and input based on the experiences in leading insurance markets.

Omran added that, following the issue of Law No. 118 of 2008, the FRA allowed, for the first time, the practice of insurance brokerage in Egypt’s insurance market.

FRA authorised the first company to engage in insurance brokerage activity in February 2009. It continued to provide licences to engage in insurance brokerage activity for companies until the number of licensed and valid companies totalled 90. This included 81 insurance brokerage companies and nine brokerage reinsurance companies.

Omran said that the decision to stop granting any new licences was issued out of the authority’s responsibility to work on developing non-banking financial activities, including insurance activity.

This would happen through continuously monitoring the practices and activities of insurance brokerage companies in Egypt. It would also assess the experience of their establishment and licensing in the past 10 years.


Source: Amwal Al Ghad
All copyrights reserved, Arab Reinsurance 2016 ©