Market regulator to submit Egyptian new insurance draft soon – chief

The Egyptian Financial Supervisory Authority (EFSA) is to send the new draft law for Insurance Supervision and Control to Investment Minister Ashraf Salman within days, Chairman Sherif Samy said Monday.

Samy made these remarks of the sidelines of the first day of the 24th Conference of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) held on 12-13 October 2015.

He added that the new law will contribute to regulating the activity of Takaful insurance in the Egyptian market.

The Law will regulate the activity of micro-insurance as well as health insurance through issuing articles pivotal for the development of those insurance branches in addition to creating new electronic promotional channels to attract new clients.

Samy clarified that EFSA is always aiming at developing insurance industry in Egypt besides facilitating the different services provided for clients.

Chairman Samy said the premiums of insurance companies in Egypt have recorded around 8.55 billion Egyptian pounds during the first half of 2015 versus 7.51 billion pounds during the same period of 2014, marking a 13.8 percent increase.