Cairo University Staff’s Private Insurance Fund Records EGP365mn Investments in 2014

The Private Insurance Fund for the Cairo University staff had achieved investments totalling 365 million Egyptian pounds during 2014, the fund’s vice chairman Ali El Deeb told Amwal Al Ghad.

El Deeb further said on Thursday the fund’s board of directors managed to lower the deficit from EGP 400 million to EGP 200 million within last three years.

He further stated that there are three demands to discuss with the Egyptian Financial Supervisory Authority, seeking to amend the executive regulations attached to the private insurance fund law. The three demands are to launch a union representing the country’s private insurance funds to be in the same situation of the insurance companies. Launching this union will organize funds’ activities in the Egyptian market since every year the country witnesses new further funds, the official noted.

In addition, El Deeb said the second demand would be to launch an investment pool, headed by professional administration specialised in the investment field. The pool is to contribute to boost the volume of investments for the private insurance funds.

Third, El Deeb asked to facilitate the terms and conditions of the memberships in the funds.