Investments of Egyptian insurance firms rise 14.6 pct- Minister

The total investments of Egyptian insurance firms increased 14.6 percent, recording 48.5 billion Egyptian pounds (US$6.1 billion) in 2014 versus 42.5 billion pounds in 2013, Investment Minister Ashraf Salman said Monday.

He asserted that large amount of those investments are dedicated for direct investments in Egypt.

The minister made these remarks during his speech, on behalf of Prime Minister Sherif Ismail, in the 24th Conference of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) held on 12-13 October 2015.

The volume of insurance premiums has been increased to 14.4 billion pounds in 2014 opposed to 12.8 billion pounds in 2013, registering 12.6 percent growth, Minister Salman stated.

He added that the total volume of compensations hit 7.3 billion pounds.

Entitled “Building on 50 Years of Regional Cooperation”, FAIR conferences aim to promote cooperation among insurance and reinsurance companies in Africa and Asia, and typically attract hundreds of top executives and key decision makers from the industry to discuss the opportunities and challenges they face.

This year, FAIR celebrates its Golden Jubilee by holding its biennial conference in Egypt, where it was founded. FAIR conferences aim to promote cooperation among insurance and reinsurance companies in Africa and Asia, and typically attract hundreds of top executives and key decision makers from the industry to discuss the opportunities and challenges they face.

The Federation of Afro-Asian Insurers and Reinsurers was established in September 1964, to promote cooperation among insurance and reinsurance companies in Africa and Asia, through the regular exchange of information, expertise and the development of business relations.