EIBA Discusses Obstacles Facing Insurance Brokers

The Egyptian Insurance Brokers Association’s (EIBA) board of directors will hold a meeting tomorrow in order to figure out the obstacles facing insurance brokerage companies in Egypt, to be submitted afterwards to the Division of Insurance Brokerage Companies, said Adel Shaker, chairman of EIBA.

EIBA will also inform the Egyptian Financial Supervisory Authority (EFSA) with these obstacles to cooperate in overcoming them. Shaker noted that these obstacles include reconsidering of EFSA’s supervisory role over the brokers and organizing the relationship between brokers and insurers as well as the competition relationship among brokers.

Many insurance brokers are joining the Division of Insurance Brokerage Companies such as Red Sea Insurance Brokerage Company, Daman Insurance Brokerage Company, Hadbrok Insurance Brokerage Company, Al-Sharq Insurance Brokerage Company and Gras Savoye Insurance Brokerage Company.

Regarding the unified contract, Shaker added that the Insurance Federation of Egypt (IFE) currently studying the final form of the unified contract in order to be discussed afterwards in the tripartite committee composed of EIBA, IFE and EFSA.