Strategic plan to develop the Egyptian insurance market

The Financial Regulatory Authority (FRA) has published its five-year strategic plan (2022-2026) aiming at developing non-banking financial activities.

For the Egyptian insurance sector [4], the authority is counting on 100 billion EGP (5.3 billion USD) of premiums by 2026 against 47.5 billion EGP (3.02 billion USD) in 2021.

In order to achieve this goal, the Egyptian regulator has set several strategic actions including:

• the promotion of takaful and microinsurance
• introducing regulations on the marketing of online insurance products
• Encouraging government agencies to insure government-owned assets and implement risk management measures
• cooperating with the relevant authorities to obtain tax incentives for private insurance funds
• working with the Egyptian Credit Bureau and the Insurance Federation of Egypt to design a system for insurers to conduct customer surveys and create insurance products for consumer credit

According to Mohamed Omran, chairman of the authority, market growth would also be supported by the implementation of the unified insurance law.