Egypt – Raising insurance contribution to GDP to 2%
Friday, 04 20 2018, Category: Insurance and Reinsurance, Country: Egypt
Mr. Reda Abdel Moaty, Deputy Chairman at Egyptian Financial Supervisory Authority revealed that the Authority is preparing a strategy to develop non-banking financial activities during the future years in line with the national strategy for non-banking financial services adopted by the authority in collaboration with the concerned ministries during the next 4 years.
Moreover, Mr. Abdel Moaty added that there is an internal strategy implies that the next steps will be implemented to meet the national strategy for non-banking financial services.
Furthermore, the strategy aims at raising the contribution of the insurance sector to the Gross Domestic Product to 2% during the next 4 years and the Authority targets to raise the portfolio of the sector to EGP 50 billion by the end of June 2022.
Source: Amwal Al Ghad