RIYADH: The issuance of the unified insurance law in Egypt is expected to contribute to the development of the insurance sector and increase its contribution to the gross domestic product to exceed the limits of 1 percent during the next five years, by doubling insurance premiums to reach about 100 billion Egyptian pounds ($5.38 billion) by 2026.
The plan also aims to raise investments to 200 billion Egyptian pounds by 2026, and the volume of private insurance funds to reach 150 billion pounds, Egyptian newspaper Youm7 reported.
“The Financial Supervisory Authority seeks to cooperate with the concerned authorities in achieving some tax exemptions and fees due on private insurance funds,” Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority said in a press conference held on Monday at the headquarters of the EFSA.
Omran added that the unified insurance law will regulate the health care activity and health insurance compensation management systems in the bodies subject to the authority's supervision.
