الهيئة العامة للرقابة المالية

Dr. Tarek Seif, FRA Vice Chairman: Reshaping Fire Insurance Requires Focusing on Risk Engineering – Tuesday 8 September 2026

• • Fire Insurance Accounted for 18% of Written Premiums and Recorded a 42% Retention Rate in 2025
  • AI, Predictive Analytics and Parametric Insurance Vital for Risk Assessment and Broader Coverage

  Dr. Tarek Seif, FRA Vice Chairman emphasized that developing the Egyptian insurance market requires a fundamental shift in risk management strategies—moving away from post-disaster loss minimization toward advanced risk engineering, proactive prevention, control and predictive assessment.

  Speaking on behalf of FRA during the keynote address at the opening session of “Fire Loss Prevention Conference”—organized today by the Insurance Federation of Egypt (IFE) led by Mr. Alaa El-Zoheiry—Dr. Tarek Seif addressed a distinguished gathering of insurance and reinsurance executives and industry experts.

  

Dr. Seif highlighted that fire insurance accounted for approximately 18% of total written premiums in 2025, recording 42% retention rate and 37% loss ratio. He noted that these figures make updating risk assessment and management practices an urgent priority to safeguard investments and ensure the stability of insurance portfolios.

He explained that while these metrics underscore fire insurance as a core segment of the market, they also highlight the pressing need to enhance risk evaluation tools. Over the years, the fire branch has faced recurring losses driven by the frequency and severity of incidents, as well as heightened risk profiles in several cases.

FRA Vice Chairman stressed the importance of expanding pre- and post-loss risk control measures—combining preventative actions prior to an event with mitigation strategies after an incident occurs. This dual approach improves the quality of accepted risks, enhances underwriting and pricing decisions, optimizes portfolio management and reduces overall losses.

In this context, Dr. Seif called for developing innovative insurance products capable of reaching underserved segments and geographic regions. He highlighted the potential of index-based and parametric insurance as key mechanisms to boost financial inclusion within the fire insurance sector.

Furthermore, expanding coverage and elevating risk management standards requires leveraging artificial intelligence, data analytics and predictive modeling. The industry must transition from relying solely on historical loss ratios toward a forward-looking risk assessment framework, enabling early detection and proactive management of shifting risk profiles.

Dr.  Tarek Seif affirmed that this direction aligns with the regulatory framework established by the Unified Insurance Law No. 155 of 2024. The law grants FRA exclusive jurisdiction over the establishment, licensing, supervision, and regulation of insurance and reinsurance activities and related professions. It also reinforces risk-based supervision across the Egyptian insurance market. Looking ahead, the sector must redefine the role of insurance—moving beyond loss compensation to actively reducing incident probabilities and mitigating impact through advanced risk engineering and management.

Concluding his address, FRA Vice Chairman invited conference participants to issue practical, actionable recommendations to advance the fire insurance sector, particularly in risk engineering, prevention and control mechanisms, product development and the adoption of AI and predictive analytics. He reaffirmed FRA’s full support for any proposals that elevate market efficiency, strengthen fire risk management and broaden insurance coverage.

Hamdy Badawy Reappointed Assistant to Chairman – Tuesday 8 September 2026

Prime Minister Dr. Moustafa Madbouly has issued Decree No. 2662 of 2026, renewing the appointment of Mr. Hamdy Mahmoud Badawy as Assistant to Chairman for one-year.

Mr. Hamdy Badawy has served as Assistant to Chairman since February 2026 and is a member of the National Coordinating Committee for Anti-Money Laundering and Combating the Financing of Terrorism. Since joining the Authority, he has overseen the Central Department for Anti-Money Laundering and Combating the Financing of Terrorism, as well as the Central Department for Professionals Supervision in insurance sector. He previously held the role of Deputy Assistant to Chairman before assuming his current position, where he focuses on strengthening regulatory mechanisms and advancing compliance and governance frameworks.

He brings over 26 years of extensive legal and security expertise, specializing in criminal investigation, financial and economic crime analysis and early threat detection. His background focuses on building both individual and institutional capacity to combat financial crimes. He graduated from the Police Academy; holding diplomas in Private Law and Commercial Law, as well as a Master’s degree in Law from Ain Shams University.

Badawy served for years at the General Administration of Public Funds Crime Investigation, advancing through leadership roles until becoming Director of the Anti-Currency Offenses, Smuggling, Capital Market Crimes, and Illegal Fund-Raising Department. Throughout his tenure, he played a pivotal role in detecting and tracking diverse financial crime schemes, particularly in money laundering, terrorism financing, capital market offenses and fraudulent investment schemes.

Leveraging his extensive expertise, Badawy has actively contributed to academic and professional development as a certified lecturer at the Financial Services Institute (FSI). He has delivered specialized training programs for non-banking financial sector professionals on Anti-Money laundering, Combating the Financing of Terrorism, and fostering an institutional compliance culture—thereby elevating market oversight and protecting investor rights.

Prime Ministerial Decree No. 2662 of 2026 also renewed the appointments of Dr. Mohamed Abdel-Aziz and Mr. Mahmoud Gebril as Assistants to Chairman for one-year.

Mahmoud Gebril Reappointed Assistant to Chairman – Tuesday 8 September 2026

Prime Minister Dr. Moustafa Madbouly has issued Decree No. 2662 of 2026, renewing the appointment of Mr. Mahmoud Gebril as Assistant to Chairman for one-year.

Mr. Gebril has served as Assistant to Chairman since December 2025. His professional career reflects a cumulative and diverse expertise combining regulatory and supervisory experience with practical proficiency in capital markets, investment, and financial product development. He has made notable contributions to developing legislative and regulatory frameworks and introducing new financial tools that support the growth and competitiveness of the financial sector.

Throughout his career at FRA, Gebril actively participated in drafting and discussing Law No. 5 of 2022 regulating the use of FinTech in non-banking financial activities, as well as establishing the regulatory framework for Special Purpose Acquisition Companies (SPACs) to support the development of innovative corporate financing tools and enhance capital markets.

Gebril also helped draft and develop provisions for sustainable development bonds under the Capital Market Law’s executive regulations. This effort strengthens the role of capital markets in funding sustainable projects, supports green finance trends, and advances FRA’s strategy to enhance the efficiency and growth of capital markets and non-banking financial services.

Before his current role, Gebril drove growth and competitiveness across several private sector institutions. Most recently, he served as Managing Director and Head of Product Development in Capital Markets at Beltone Financial. Previously, he headed FRA’s Central Department for Corporate Finance, playing a pivotal role in shaping regulatory and legislative frameworks.

Mr. Gebril’s extensive professional background spans many years in capital markets, treasury management, asset and portfolio management, financial investments, product development, and regulatory frameworks. He has held several leadership positions in capital markets and the international dealing room at the Misr Iran Development Bank, held leadership roles in asset and portfolio management at the National Fund for Investment Management (NFIM), and served as Managing Director of Amwal Financial Investments.

He holds a Diploma in Islamic Finance from the International Business School in London, a Diploma in Financial Market Analysis from the Faculty of Economics and Political Science, specialized certifications in Financial Technology from the University of Cambridge, and a Blockchain certificate from Frankfurt School of Finance & Management.

It is worth noting that Prime Minister Decree No. 2662 of 2026 also included the renewal of appointments for Dr. Mohamed Abdel-Aziz and Mr. Hamdy Badawy as Assistants to Chairman for one-year.