“President for all Egyptians," the elected Egyptian Mohamed Morsi stated yesterday relieving employees at commercial insurance sector who have long awaited political stability since last year's revolution erupted. There are no worries over the sector from the next president, said Sadek Hassan, chairman and managing director Misr Life Insurance, affirming that the Egyptian market will not be like that of Saudi Arabia as the first is a free and open market that has a leading role in the region. On the other hand, the Saudi Arabian insurance market has been providing takaful services since its start. There were no insurance providers in Saudi Arabia at first and companies used to get their licenses from outside. Hassan asserted that the market shall provide variable kinds of services so as not to make customers get their insurance coverage from outside. Mohamed Morsi's victory in the presidential elections will not change the insurance system in Egypt as 35-year life insurance contracts cannot be cancelled. Dr. Ali Shaker, managing director of Cooperative Insurance Society of Egypt, said electing a president for the country will definitely contribute in bringing stability to political and economic scenes. Shaker affirmed that economic stability will make insurance companies post good results in the next fiscal year. The Egyptian stocks surge on Morsi's victory proves his stance. Stability will bring investments back to the Egyptian market which would benefit Egyptian economy and boost the growth of insurance sector, the backbone of Egyptian economy in the current period, Shaker noted. Egyptian economy will not be Islamized as Morsi announced that he is a leader for all Egyptians. Therefore, commercial insurance sector will not be affected, Shaker added. Insurance sector only needs in the current period political and economic stability to flourish as insurance market is sensitive to any changes in the country, Shaker stressed. Essam Rashid, head of General Committee for Marine Insurance at Insurance Federation of Egypt and manager of general insurance sector at Suez Canal Insurance Company, expected Egyptian economy to witness stability in the upcoming period after announcing the results of presidential elections. Such stability will contribute in boosting tourism, industry and commerce and in bringing investments back to the market. Accordingly, insurance market will flourish as it depends on industrial and economic projects. Laws shall be introduced to provide all methods for protecting ships, Rashid suggesting, stressing the importance of insuring the quality of oil used to power ships. In addition, Rashid asserted that the three-wheeled vehicles called tok-toks shall be licensed.
