Gulf Financial Institution Eyes Launch of an Insurance Firm in Egypt: Official

A Gulf Financial institution requested from the Egyptian Financial Supervisory Authority (EFSA) to launch insurance company in the Egyptian market within the upcoming period, Mohamed Maait ,Deputy Chairman of the Board of EFSA revealed.

Speaking to Amwal Al Ghad Arabic’s Website, Maait explained that it was held joint meeting between EFSA and investors who affiliated to the financial institution in order to discuss the required documents.

It is expected that the procedures of launch will be finalized during the next few months according to Law10 of 1981the supervision and control on insurance.

The new activity of insurance company did not specify, stressing that EFSA will seek launching personal insurance companies and gathering money by the coming time, Maait noted.

The number of firms which operating in personal insurance activity in the Egyptian market reached 12 companies, against 18 companies operating in properties insurance, Maait explained.