EFSA establishes first insurance awareness association: Chairman

Total investments of insurance companies and Egyptian insurance funds amount to over EGP 90bn, says EFSA Chairman

By Mohamed Ayyad
The Egyptian Financial Supervisory Authority (EFSA) and the Insurance Federation of Egypt (IFE) launched the first association for insurance awareness to protect civilian rights and facilities, according to EFSA Chairman Sherif Sami.
Sami said the total investments of insurance companies and Egyptian insurance funds amount to over EGP 90bn, confirming that insurance coverage protects projects and citizens from risks. It also increases the national investment value.
Sami added, during a meeting held at the IFE in the presence of its Chairman, Abdel Raouf Kotb, as well as senior officials of insurance companies and insurance brokerage companies, that the EFSA takes great interest in micro-insurance. This was especially so after the law organising micro-insurance funds in Egypt was issued.
He added that the EFSA aims at targeting all social classes to benefit from financial services.
Sami emphasised the importance of contracting with one of the centres specialised in surveys to conduct an expanded survey across Egypt, including different categories of citizens, to know the extent of their awareness of insurance products.
Sami confirmed: "The results of this survey will give us the means of awareness regarding the importance of insurance and allow us to deal with any negative image that some people have in regards to some of its aspects."
He called insurance companies in Egypt, brokers with the Egyptian Association for Insurance Awareness Development, and the EFSA to come together to organise an insurance week on an annual basis, during which various events would be held.
He also called on intensifying media movements to attract new categories so that they could benefit from insurance coverage, whether on properties, life, healthcare, or responsibilities.