الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• Insurance plays a crucial role in bridging the savings-investment gap, thereby stimulating economic growth.
• Leveraging fintech and digital transformation is essential for ensuring inclusive access to insurance services.
• The recent promulgation of the unified insurance law is a significant step towards digitizing insurance and expanding coverage within the community
• We are committed to fostering deeper integration and cooperation with our African partners to enhance insurance inclusion across the continent.

FRA Chairman delivered a keynote speech at the 28^th  African Reinsurance Forum organized by the African Insurance Organization (AIO). In his speech, he highlighted the comprehensive reform agenda implemented by FRA to enhance the efficiency and competitiveness of Egypt’s insurance sector. The reforms aim to strengthen the role of insurance in driving economic growth and development.

Dr. Farid emphasized that strengthening the competitiveness of Egypt’s insurance sector will attract more domestic and foreign investment, drive insurance inclusion, and ensure greater stability for insurance operators. Digital transformation plays a crucial role in facilitating access to adequate financing for all segments of society, creating opportunities for economic growth and improving living standards.

Also, he emphasized the crucial role of the insurance sector in supporting the national economy. Insurance contributes to the mobilization of national savings by offering a wide range of products and services that cater to the needs of individuals and institutions. This helps bridge the savings-investment gap, which is essential for financing economic growth and creating jobs.

Moreover, Dr. Farid highlighted the pivotal role of insurance in fostering stability and social cohesion. By providing protection against various risks, insurance empowers individuals and institutions to navigate uncertainties and build resilience. This helps safeguard people and organizations from the adverse impacts of life’s challenges.

On the other hand, Dr. Farid emphasized the paramount importance of fintech and digital transformation in achieving greater levels of financial inclusion, stressing that without technology, financial and insurance inclusion efforts would be ineffective.

FRA Chairman emphasized the importance of the Unified Insurance Law as a pivotal step towards modernizing the financial sector. This law will facilitate the digitization of financial transactions and promote the adoption of financial technology, ultimately expanding access to insurance coverage for a larger segment of beneficiaries.

He explained that the Unified Insurance Law is a groundbreaking achievement, as it is the first unified law for the insurance sector in Egypt. Previously, four separate laws regulated the sector. He emphasized the critical need to invest significantly in training and developing professionals to create a highly skilled workforce capable of enhancing the efficiency and competitiveness of the insurance industry. Additionally, Dr. Farid stressed the importance of increasing the size and stability of insurance companies while promoting flexibility in business models.

Dr. Farid also highlighted the Authority’s efforts to strengthen integration and cooperation with African partners to improve insurance inclusion. This initiative aims to ensure that African citizens benefit from advanced insurance coverage that protects them from future risks and uncertainties.

Finally, he emphasized the Authority’s commitment to strengthening cooperative relationships with African countries. Dr. Farid highlighted the importance of sustained knowledge exchange, enhanced oversight expertise, and learning from the efforts of other countries to promote market safety, stability and the development of the legislative framework for the non-banking financial sector.