Min: Advanced Financial Non-Banking Sector Requirement For Sustained Development
Source: www.export-egypt.com 10/29/2018
Minister of Public Enterprise Hisham Tawfiq said an advanced financial non-banking sector is necessary for a successful sustained development process of the national economy to run side by side the banking system.
Tawfiq was addressing the First Insurance and Reinsurance Forum in Sharm el Sheikh on behalf of Prime Minister Mostafa Madbouli. It is to last for three days.
Intensive efforts have been exerted over the past years for promoting the financial non-banking sector to conform to the global changes, he said.
The Egyptian insurance sector is developing, through the introduction of new legislation to promote the national economy, he said.
The first annual "Sharm el Sheikh Insurance and Reinsurance Rendezvous’ is held under the theme of “spreading your precious ideas” under the auspices of the Ministry of Public Enterprise Sector and the Financial Regulatory Authority.
Egyptian insurance companies are to negotiate with reinsurance companies to renew reinsurance contracts in order to develop the Egyptian insurance industry.
Over 2,000 experts from the insurance and reinsurance industry are participating, half of them from the international insurance market.
There will be about 25 speakers, mostly from the international insurance and reinsurance markets, including companies such as Marsh, Willis Towers Watson, Hannover Re-Takaful, Swiss Re, and SCOR Glob.
The forum discusses four important axes, which are the best global practices in insurance and reinsurance, what is new in the international market, what needs to be developed in the brokerage business in the Egyptian insurance market, and the challenges and opportunities of the insurance and reinsurance market in Egypt.