The world’s specialist insurance market LIoyd’s is seeking to have its presence in Egypt, said deputy head of Egyptian financial regulator Mohammed Maait.
According to Maait, LIoyd’s is currently in talks with the Egyptian Financial Supervisory Authority (EFSA), aiming to launch its country office in Egypt.
Yet, the Egyptian official referred that the current regulations will not allow an international insurance marketing association such as LIoyd’s to have its presence in Egyptian market. It is because LIoyd’s is not a company; it’s a market where members insurance and reinsurance companies join together as syndicates to insure risk.
Hence, Maait said EFSA asserted that, after its recent meeting with LIoyd’s representatives, an amendment is likely to be made to facilitate the presence of the international insurance marketing association in Egyptian market.
EFSA is keen to receive more global insurance firms in Egypt, with the aim for developing the Egyptian insurance sector, he noted.
The London-based Lloyd’s insurance market is a major participant in specialty commercial insurance and reinsurance markets worldwide.
Lloyd’s has very wide geographic coverage, with specific trading rights to write insurance business in over 75 jurisdictions and the ability to write reinsurance in over 200 countries and territories. Nevertheless, a significant majority of income (75%) continues to be sourced from the USA, Canada, and Europe.
Lloyd’s, a collection of about 80 competing insurance syndicates housed in a landmark building at the heart of London’s financial district, started life in 1688 as a gathering of shipping merchants in a coffee house.