Egypt – Ins. Federation seeks to increase GWP retention
Wednesday, 10 24 2018, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority commissioned the Insurance Federation of Egypt to study scenarios in which the insurance market would increase its retention of premiums written. The study is to be completed through a technical committee.
Mr. Reda Abdel Moaty Deputy Chairman of the Egyptian Financial Regulatory Authority said that increasing premium retention helps retain premiums within Egypt and preserves US dollar liquidity and helps invest money locally. This will ultimately boost the profits of companies and improve the offer to clients.
The retention ratio refers to the premiums retained by the insurer (not reinsured) compared to total premiums.
Source: Al Mal News