The end of the fiscal year could be changed for insurers in Egypt

Rachid Ben YedderThe Financial Regulatory Authority (FRA) has announced through its chairman Mohamed Omran, its willingness to change the financial year of the insurance companies.

The fiscal year that currently ends on June 30 should be in line with the international standard to end on December 31. The new measure is designed to match the financial years of all the country's economic activities.

The Egyptian regulator who is aware of the shortcomings of the local insurance longs for the sector to fulfill its potentiel and boost its activities.

The market recorded, for the year ended June 30, 2018, 29.5 billion EGP (1.6 billion USD) of premiums, that is an increase of 23.3% over the previous fiscal year. The contribution of insurance to GDP, whiwh is of 0.91%, remains minimal.

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