الهيئة العامة للرقابة المالية

• Farid: Developing professional expertise and leveraging technology are crucial for fostering sustainable insurance inclusion
• The Unified Insurance Law has been enacted. We are diligently working on issuing all required executive decrees and regulations

Dr. Mohamed Farid – FRA Chairman met with insurance sector leaders at a meeting convened by the Egyptian Insurance Federation, chaired by Alaa El-Zoheiry and attended by Dr. Islam Azzam, FRA Vice Chairman and other senior Authority officials.

FRA is committed to maintaining open and effective communication with all federations within the non-banking financial sector. These meetings serve as a valuable platform to engage with various non-banking financial institutions, explore strategies for enhancing the efficiency and competitiveness of the insurance sector, and reinforce its pivotal role in supporting and serving Egypt’s economy. The goal is to achieve robust and sustainable economic growth amidst evolving domestic and international landscapes, regulatory requirements, and the rise of financial technology. By fostering a flexible, sophisticated, and stable regulatory environment, FRA aims to drive insurance inclusion.

During the meeting, insurance sector leaders expressed their support and congratulations to Dr. Mohamed Farid on his reappointment as Chairman of the Financial Regulatory Authority. They expressed their belief that this would further enable Dr. Farid to complete the ongoing reform and development process, enhancing the insurance sector’s capabilities and its contribution to the Egyptian economy.

Dr. Farid emphasized the insurance sector’s pivotal position within the Egyptian economy, highlighting its role in offering diverse coverage options that protect individuals and businesses from risks and its contribution to boosting national savings for investment purposes.

Dr. Farid asserted that the recent insurance law requires all licensed insurance companies to align their operations.  He added that the Authority is committed to digitizing financial processes and promoting fintech to expand insurance reach. He stressed the importance of companies investing in training and developing their professionals to enhance efficiency and competitiveness, particularly in actuarial expertise. Dr. Farid concluded that qualified professionals and technological advancements are crucial for achieving inclusive insurance.