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Mutual Cooperation with Financial Regulatory Authority [ . It’s not allowed to use this data without referring to its source. ©All Copy Rights reserved for IFE. IFE Contact Information 10 Iran Street – Dokki – Giza. P.O Box: (1) National Assembly or ( 527) Orman Postal Code: 12311 +202 33388471/2/3 +202 33388474 Telegraphic Address: Federal/Cairo www.ifegypt.org [email protected] https://www.facebook.com/ins.federation.of.Egypt/ https://www.linkedin.com/company/ifegypt https://twitter.com/I_F_Egypt Insurance Federation of Egypt 1 Insurance Federation of Egypt “IFE” [ With all grief and sorrow … With all love and appreciation for everything she has done … The Insurance Federation of Egypt and its Board of Directors and employees mourn the dearest colleague and instructor Mrs. Azza Arfeen, the executive director and senior advisor of Insurance Federation of Egypt since 2018. The lady who had exerted her efforts for the Egyptian insurance sector for more than 40 years since her career began in 1976. The lady who, throughout her career, has been known for her integrity, good morals and a pleasant biography. The lady who gave all that she had and She did not hold back The lady who brought out generations of employees in the sector and contributed in preparing a next generation of leaders. With deepest sympathy we are saying Farewell to one of the Egyptian insurance sector pioneers. We dedicate this annual report to Mrs. Azza Arfeen, which would not have been accomplished without her great efforts and outstanding giving for the last minute of your life. We ask God to bless you with the His mercy and to rest in peace in His spacious paradise… Ameen Annual Report 2019 2 Contents Chairman Message Pg. 4-6 Egypt Profile Pg. 7-8 IFE survey results on the impact of Covid-19 on Egyptian Pg. 10-19 Insurance Industry Egypt’s Economic Harvest 2019 1-An overview of the world economy Pg. 21-22 2-The Egyptian economy in 2019 Pg. 22 3-Egypt's Ranking in International Reports Pg. 22-27 4- Egypt's economy achieves highest growth rate in 11 years Pg. 28-29 5-Youth and Innovation in Egypt Pg. 29-30 The Structure of the Egyptian Insurance Market 2019 Pg. 32-36 Legislative developments in the Egyptian Insurance Market Pg. 38-42 The Federation Organs Pg. 44-50 IFE Board of Directors & General Assembly Pg. 52-55 The Insurance Federation of Egypt Auxiliary Organs’ Pg. 57-60 Achievements 2019 IFE Business Plan 2020-2021 Pg. 62-72 The Federation Activities 2019 Pg. 74-103 Federation’s Membership in International Federations Pg. 105-106 Insurance Business Results 2018-2019 Pg. 108-130 FRA REINSURERS' LIST 2020 Pg. 131-141 Insurance Directory Egyptian Insurance Market Directory Pg. 143-155 Insurance Pools Directory Pg. 156 IFE Management Pg. 157 3 Insurance Federation of Egypt “IFE” [ Chairman Message The insurance sector has become one of the most non-banking financial services sectors, and one of the most prominent contributors to the GDP. The insurance sector contributes in managing the risks to which the Egyptian economy may be exposed to in all its sectors, which makes insurance one of the most important tools for the stability and sustainability of the national economy. Insurance Federation of Egypt is always keen to activate the role of the insurance sector in cooperation with the Financial Regulatory Authority “FRA” , in order to increase insurance contribution to the GDP, and to enhance its role in reaching the segments that insurance services do not reach, through a set of procedures, initiatives and incentives, which enhance its role in achieving Sustainable Development Goals in Egypt. 2019 ... Year of Achievements The financial results for the year 2018/2019 indicate that the contribution of the insurance sector to the GDP reached 0.9% on 30/6/2019 after taking into account the contributions of private insurance funds- Besides, the growth rate of insurance premiums reached 19% during the fiscal year 2018/2019 compared to Last year. The number of companies operating in the sector have reached 39 companies, and they achieved total premiums of 35.2 billion EGP in 30/6/2019 compared to total premiums of 29.4 billion EGP in the Last year. The companies also paid a total claim of 18.3 billion EGP in 30/6/2019 compared to 15.4 billion EGP in 30/6/2018. The results of the insurance companies’ activities have improved as the surplus of insurance activity of the companies has increased by 29.3% to reach 4.7 billion EGP compared to last year, which achieved a surplus of insurance activity of 3.7 billion EGP. As a result of this improvement, new investments have been attracted to the insurance market through the establishment of new companies. The net investment of insurance companies has reached 102 billion EGP in 30/6/2019 with a growth rate of 2.7% compared to last year's net investment of 99 billion EGP. The total amount of policyholders’ rights, which represent the obligations of insurance companies to their customers, reached 69 billion EGP in 30/6/2019, compared to 61 billion EGP in 30/6/2018, with a growth rate of 12.8%. As for shareholders' equity in insurance companies, they have reached 35 billion EGP in 30/6/2019, with a decrease of 7.8% compared to the 38 billion EGP in 30/6/2018. During the year 2019, the Egyptian insurance market witnessed a great spurt in legislation and acts regulating the Egyptian insurance market, which had positive effects on achieving insurance inclusion, improving market performance and increasing customer confidence, as the Financial Regulatory Authority has issued regulations that are governing takaful insurance in the Egyptian insurance Annual Report 2019 4 market, and also issued several acts regulating electronic issuance for standard insurance policies , and compulsory microinsurance acts for microfinance clients against risks of death and total disability. In addition, the Financial Regulatory Authority, in cooperation with the Insurance Federation of Egypt, has established the Egyptian Compulsory Insurance Pool for Civil Liability arising out from Motor accidents. Along with that and during the year 2019, the Insurance Federation of Egypt carried out numerous activities and launched awareness campaigns in order to spread insurance awareness and to contribute to the sustainable development of society through a set of community activities (the report includes a detailed description of these activities). On the other hand, IFE was keen to continue completing and implementing its action plan for the year 2019 according to the approved timeline, thus, this year has witnessed the following achievements: • Issuing the second edition from the book entitled “The Insurance Industry in Egypt in 120 Years” in English language. This book is a historical document and an important reference for all researchers and those who are interested in insurance affairs regionally and globally. • Issuing several memoranda of understanding with the Insurance Federations (United Arab Emirates, Iraq, and Morocco). • Implementation of the second phase of insurance awareness-raising plan through the issuance of the monthly bulletin under the name of: IFE News Bulletin-Insurance Mirror, in both Arabic and English languages, in addition to the continuation of the weekly insurance bulletin. • The establishment of the Sustainable Development Committee with the aim of including the sustainable insurance principles in the Egyptian insurance market. • Join the GFIA Climate Risks Working Group. • IFE has also organized several seminars and workshops aimed at developing the insurance industry in Egypt (this report includes a detailed description of these seminars and workshops). • The second Sharm El-Sheikh Rendezvous, which achieved the targeted success to support communication and increase the exchange between the Egyptian insurance market and the global insurance market. 2nd Sharm Rendezvous was held during the period 11-13 November, 2019. 2020 ... Year of Challenges At the beginning of this year 2020 and while preparing this report, we witnessed the beginning of the emergence of corona pandemic - Covid 19, which is a major challenge for the Egyptian insurance market. Accordingly, the Insurance Federation of Egypt prepared a survey about the expected impact of this pandemic on the Egyptian insurance sector and the results of this survey will be presented in this report. There is no doubt that our beloved country, Egypt- like all other countries of the world- is facing this pandemic, which all governments are dealing with it cautiously due to the procedures, regulations and the new unprecedented situation that this pandemic has imposed. In light of this new circumstance and the impacts on all economic sectors in general, and the insurance and reinsurance industry in particular, and as the Insurance Federation of Egypt is considered the organizer and the representative of the Egyptian insurance sector, the management of IFE has taken 5 Insurance Federation of Egypt “IFE” [ this into consideration when thinking about the strategies of the IFE for the next stage. The strategies have been carefully designed to meet current and future challenges and support our industry in general and the member insurance companies of Insurance Federation of Egypt in particular. IFE’s strategies for the next phase include: • Insurance Inclusion: Access to Underserved Population, and we chose to call it the “AUP”. • Applying the principles of sustainability and the transition to sustainable insurance. • Information Technology and digital transformation. It is worth mentioning that these strategies were formulated within IFE’s Action Plan. We have tried to invest all the tools; human and material resources that are available to IFE in order to achieve these strategies and develop a mechanism to measure their impact and effectiveness compared to the expected outcomes. IFE’s Action Plan for 2020/2021 will be presented in this report.
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