Sunday 22 Dec
Dr. Mohamed Farid, Chairman of the Egyptian Financial Supervisory Authority (EFSA), delivered the keynote address at the 28th African Reinsurance Forum organized by the African Insurance Organization (AIO). In his speech, he outlined the comprehensive reform agenda that the Authority is adopting and implementing to enhance the efficiency and competitiveness of the insurance sector in Egypt, aiming to bolster its role in increasing national savings rates.
The Chairman outlined expedited
plans to implement the unified insurance law, aiming to boost industry growth,
increase insurance's GDP contribution, and expand customer base and
beneficiaries. He stressed digital transformation, technological integration,
and enhanced African partnerships to improve insurance inclusion and protect
citizens against future risks.
Dr. Farid emphasized that a more
competitive insurance sector would attract investments, increase inclusion, and
stabilize the industry. He noted that digital transformation facilitates
broader access to financing, empowering individuals and businesses to
contribute to economic growth and improve living standards.
The Chairman emphasized the
insurance sector's vital role in supporting the national economy. By mobilizing
savings through diverse products, it boosts national savings rates and bridges
the gap between savings and investment, driving economic growth and employment.
Dr. Farid underscored the criticality of fintech and digital transformation for achieving higher financial inclusion. He noted that without technology, financial inclusion efforts would be ineffective. The recent issuance of the unified insurance law represents a step towards regulating and digitizing financial transactions, promoting fintech, and expanding insurance coverage.
