Low incomes and lack of market education are significantly hampering the insurance industry in Egypt, and the Insurance Federation of Egypt (IFE) has announced that it is aiming to tackle these issues with new solutions.
In a recent interview with Daily News Egypt, Alaa El-Zoheiry, Managing Director of Arab Misr Insurance Group (GIG) and IFE Chairman, revealed that GIG is aiming to offer microinsurance products in order to appeal to lower-income citizens, but that currently microinsurance premium volumes have not kept pace with the number of people in Egypt.
The IFE is attempting to tackle awareness by launching a television campaign in the country. El-Zoheiry added: “The IFE holds numerous seminars and conferences to increase people’s awareness, in addition to sending bulletins weekly to those interested in the insurance industry in Egypt, whether they are working in the field or not.”
Alongside the Financial Regulation Authority, the IFE is hoping to double premium volumes in Egypt by 2020, reaching a total of EGP50 billion (US$2.7 billion). The two organisations are also looking at areas in which they can introduce compulsory insurance.