Dr. Mohamed Farid- FRA Chairman:
Since the Unified Insurance Law, FRA has issued 47 regulatory decisions, establishing a solid legal framework.
The future is digitization and digital dealing; traditional models that fail to adapt are destined to disappear.
We are currently in the initial phases of the sector’s strategic transformation; having successfully established the essential foundations required for development.
The Authority has approved title insurance policy.
Improving the investment returns of governmental insurance funds through the stock exchange and open-ended investment funds.
Insurance should not be an optional process.
The human element is the most important asset; developing cadres is the core driver of development.
Dr. Mohamed Farid, FRA Chairman delivered the keynote speech at the 7th Sharm Rendezvous, organized by Insurers Federation of Egypt under the theme ” Insurance In the Era of Uncertainty” His address served as the platform to reveal the comprehensive features of the “Transformation of Egypt’s Insurance Sector”.
Dr. Farid emphasized that the Authority is advancing rapidly toward establishing an insurance market defined by flexibility, innovation, and inclusiveness. He stressed that this modernized market is designed to ensure the robust protection of policyholders’ rights and will significantly contribute to enhance both financial stability and national economic development.
The event attracted distinguished audience of financial and regulatory leaders. Attendees included Dr. Mohamed Maait, Executive Director of the International Monetary Fund for the Arab countries and the Maldives; Dr. Islam Azzam, EGX Chairman, Alaa El-Zohairy, Chairman of Insurers Federation of Egypt; Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman; and Mr. Mohamed Ayyad, FRA Media Advisor. They were joined by other key figures from the Authority, the insurance sector and the South Sinai Governorate.
FRA Chairman affirmed that the Egyptian insurance sector is undergoing a fundamental turning point. This transformation encompasses key areas: the legislative and regulatory framework, digital transformation, governance and risk management. To drive this change, the Authority has issued approximately 47 regulatory decisions since the Unified Insurance Law took effect, aimed at simultaneously boosting the market’s strength, flexibility, insurance coverage, and financial inclusion.
Dr. Farid confirmed FRA’s vision is to build a market characterized by flexibility, innovation, and inclusiveness, guaranteeing policyholder protection and contributing to economic stability. He stressed that the Unified Insurance Law was a critical turning point, enabling the regulatory framework to align with global standards, and bolstering regulatory oversight and capabilities.
He indicated that the Authority is currently adopting a Risk-Based Supervision (RBS) approach as the main methodology for regulating insurance companies, which enhances market stability and reduces the probability of systemic risks. He highlighted the Authority’s issuance of resolution No. 196 of 2024 regarding defining the minimum capital requirements for insurance companies and the implementation of resolution No. 148 of 2025 concerning the financial solvency standards required of insurance and reinsurance companies, consistent with the Authority’s direction towards establishing proactive supervision and raising risk management efficiency.
Dr. Farid affirmed that protecting the rights of policyholders is at the top of the Authority’s priorities. He pointed to the issuance of resolution No. 77 of 2025, which regulates handling of complaints from customers dealing with companies and entities operating in the insurance sector and related professions and activities. This resolution established comprehensive controls for the protection and examination of complaints, a step aimed at raising levels of transparency and governance in the insurance market, supporting insurance, financial and investment inclusion and improving the quality of services provided.
He indicated that the Authority has been continuously supporting digital transformation across the insurance value chain since 2023. This support includes developing technological infrastructure, data protection and operational flexibility. This is all part of a comprehensive strategy aimed at digitizing the sector and raising its operational efficiency.
FRA Chairman clarified that the future lies in digitization and digital dealing, asserting that traditional models are destined to disappear.
In this context, he highlighted the issuance of a set of important resolutions aimed at enhancing the use of Financial Technology (FinTech) in non-banking financial activities, including:
- – Resolution No. 139 of 2023 defines the required technological infrastructure, information systems, and security protocols for implementing FinTech in the non-banking financial sector.
- – Resolution No. 140 of 2023 sets the standards for digital identity, digital contracts, and digital records, along with necessary compliance requirements, to facilitate secure digital dealing in non-banking financial activities.
- – Resolution No. 141 of 2023 mandates the establishment of the Outsourcing Registry, for companies engaged in FinTech activities.
- – Resolution No. 58 of 2025 established the executive procedures for registering data on the electronic link platform connecting FRA and insurance companies. This digital integration is crucial as it has enabled insurers to conduct electronic Know Your Customer (e-KYC) and sell policies digitally.
Dr. Mohamed Farid announced FRA has officially approved the title insurance policy and has forwarded it to the Insurer Federation of Egypt (IFE), making it immediately available to sector companies. He stressed the strategic imperative of marketing this policy through collaboration with real estate developers, noting that this new product represents a significant opportunity to increase companies’ premium collection.
Dr. Farid revealed that FRA will soon issue a resolution detailing investment rules for governmental insurance funds. Crucially, the new mandate will require a minimum 5% investment in the stock exchange and open-ended investment funds.
On the other hand, FRA Chairman emphasized that human capital is key to the success of the insurance transformation, mandating the development of professional cadres. FRA is supporting this with major initiatives, including launching a dedicated website for actuarial sciences scholarships (in collaboration with AUC) in addition to specialized training courses for second-tier leaders, delivered through the Financial Services Institute’s protocol with international institutions.
In closing, Dr. Farid recognized the vital contributions of Dr. Islam Azzam – EGX Chairman for his work while serving as FRA Vice Chairman. He also offered his sincere thanks to all FRA employees for their dedication and belief in the insurance sector’s essential mission.
FRA Chairman asserted that the Authority is actively developing its regulatory framework to achieve its dual objectives, namely protecting consumers while simultaneously incentivizing innovation and market growth. This strategic development is essential to solidify the insurance sector’s standing as a key pillar of Egypt’s financial stability and economic progress.
Last modified: November 13, 2025