Insurance Brokerage Division To Elect Administrative Committee Tomorrow

Adel Shaker, chairman of the Egyptian Insurance Brokers Association (EIBA), said the Division of Insurance Brokerage Companies will hold its first meeting tomorrow to elect an administrative committee. The committee will not include members of EIBA so as to give bigger chance for insurance companies, said Shaker. Shaker will head the first meeting of the committee until electing the members of the committee.

Three new insurance brokerage companies have joined the Division which are Gras Savoye Insurance Brokerage Company,  Al-Shorraa Insurance Brokerage company and Club International Insurance Brokerage company.

The meeting’s agenda was discussed in the meeting of EIBA’s board of directors. EIBA also discussed the obstacles facing insurance brokerage companies to submit them to the Egyptian Financial Supervisory Authority (EFSA) after being discussed in the meeting of the Division.

The main demand of the insurance brokerage companies is allowing them to issue insurance policies which do not require technical underwriting such as personal accident and compulsory insurance policies.

It is worth mentioning that EIBA’s board of directors approved by consensus establishing a division for insurance brokerage companies, but some of the insurance brokerage companies said they prefer to establish an independent society.