FRA urges insurance companies to adapt to new law, embrace digital transformation

The Financial Regulatory Authority (FRA) Chairman Mohamed Farid has called on all licensed insurance companies to align their operations with the new insurance law. He emphasised the FRA’s ongoing efforts to digitalise financial transactions and integrate financial technology to broaden insurance coverage accessibility.

During a recent meeting with industry leaders on Sunday, Farid stressed the need for companies to invest in extensive training and development for professionals, particularly actuaries, to enhance sector efficiency and competitiveness. Improving professional skills and leveraging technological advancements are essential for achieving greater insurance inclusivity.

Moreover, the FRA CEO highlighted the pivotal role of the insurance sector in Egypt’s economy, noting its importance in providing diverse coverages that protect against future risks and in boosting national savings for investment financing.

Attribution: FRA

Subediting: M. S. Salama