In Egypt, the total assets of the private insurance funds currently stand at EGP 44 billion, said head of the country’s market regulator.
Dr. Sherif Samy, the Chairman of the Egyptian Financial Supervisory Authority (EFSA) further referred that there are 610 insurance private funds in the country, with total number of subscribers of 4.6 million.
The total subscriptions to Egypt’s private insurance funds reached EGP 5 billion in 2013, he added.
The Egyptian official further stated that EFSA assumes prime responsibility for the development of these funds.
Private insurance funds play an important role on the national level as means to support the State social insurance system that ensures appropriate social standard of living to the people reaching the age of retirement.
In this respect, Samy stated that Egypt would orgainse the Sixth Session of the Private Insurance Funds Conference on December 14-15. The time of holding the conference comes in line with the completion of amending the private insurance funds laws.