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Insurance Federation of Egypt
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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
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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
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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
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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
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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. On behalf of myself as the Chairman of Insurance Federation of Egypt and the IFE’s Board of Directors, and on behalf of all employees of IFE; I have the pleasure to present the annual report for 2019, which presents the most important achievements made by IFE during the above-mentioned year. In addition, this report reflects IFE’s vision for the new year 2020 in light of the current circumstances of the country and the world as a whole. Thus, this report should be considered as an important reference for researchers and those who are interested in insurance affairs inside and outside Egypt. I would like to seize the opportunity to thank the Financial Regulatory Authority for its continuous support for all IFE’s events and plans, which had a positive impact in achieving these successes that reflect the stability and sustainability of the market in managing risks and minimizing their implications. I also want to thank all the IFE’s employees for being part of this success through achieving their role. Besides, I would like to thank all the chairmen and employees of insurance companies, and I hope that God supports us in achieving our targets in developing the Egyptian insurance market, and increase our successful contribution in the Egyptian Economy and protecting us all from the new Coronavirus pandemic. God bless everyone and save our beloved Egypt.
Alaa El-Zoheiry
Chairman Insurance Federation of Egypt
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IFE survey results on the impact of Covid-19 on Egyptian Insurance Industry Due to the current crisis that we are facing, which is the spread of the Coronavirus pandemic - in our beloved country, Egypt and around the world, and given that the insurance and reinsurance industry is one of the sectors that are affected and affecting in this crisis. In light of our keenness on the Egyptian insurance industry to be represented in Insurance Federation of Egypt as a main part of the system for identifying risks and setting mechanisms for dealing with them, whether they are procedures, decisions or guiding insurance products or reports and research that reflect the state of the market and its ability to deal with this and other crises. Insurance Federation of Egypt has made a survey on the extent of Covid-19 impact on the Egyptian insurance industry and it was sent to its member insurance companies. The results were summarized as follows :
First: The respondents
Number of Companies that the survey was sent to: 38 Number of individuals who answered the survey 21 Number of participating insurance companies that 14 represent individuals who answered the survey Respondents of life insurance companies 8 Respondents of non-life insurance companies 6 Administrative levels of the respondents CEO - MD 8 Executive manager – Deputy Executive manager - 3
General Manager 10
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The date the survey was sent in 12- April - 2020 Announcements date of the results 4- May - 2020
Special Thanks to the companies that has participated in the survey
Second: The Survey’s Results
Part One: Actions related to work environment which your company has taken to Counter Covid-19 Threats:
1.What actions have been taken in your company to combat Coronavirus?
2.Did these actions affect the company's productivity? Please explain
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Part Two: The impact of Corona-Virus on Insurance Results:
3.Please explain to what extent the claims of the following line of business are affected by the Corona-virus?
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4. Do your company's direct insurance contracts cover pandemics and its consequences (Covid-19)? If answer is yes, then what did your company do ?
5. Do your company's reinsurance agreements cover pandemics and its consequences (Covid-19)? If No, could you give examples
6. How does the spread of the Corona-Virus affect the renewals so far?
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7. What else do you want to tell us about the impacts of the spread of Corona- Virus on your business? • Delay in payment of premiums. • Reduced volume of new business and issuance, due to: - The unwillingness of clients to go to hospitals to do a medical examination and medical tests for fear of being infected with the virus. - Negative impact on individual insurance sales due to the inability to meet clients as a result of the curfew. - Some portfolios rely heavily on the category of free lancers and craft professions, and this category was very affected by the imposition of the curfew and has no longer been able to pay insurance premiums at the present time. - Reduction in individual life insurance and increase in cancellation and liquidation rates, especially for policyholders the workers in the tourism and private sector. • Policyholders rights are affected due to the expected decrease in profits. • Decrease in performance rates due to the lack of working hours and the lack of employees working on a regular basis.
Part Three: Medical Insurance and Corona-Virus:
8. Does your company's medical insurance policies cover the Coronavirus? If yes, does the medical reinsurance agreement cover Covid-19?
9.Does your company now provide home medical visits to clients and deliver treatment to home?
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10. With the increase in the number of people infected with Corona-virus, and in the event that Egypt allowed the private medical sector to provide services to counter Corona-Virus, (such as medical tests, medicines, quarantine, respirators, intensive care, etc.) in this case, will your company cover its customers for these important services?
Part Four: Customers: 11. What was the opinion of your company's reinsurers on the recent decisions of FRA to reduce the impact of Covid-19 on clients, such as extending the Grace periods of premiums payments for longer periods of time, while not charging customers any delay charges? • We have notified reinsurers about the recent decisions of FRA in order to give us a grace period similar to that we give to clients, and we have not received any objection from the reinsurers. • There is no objection in terms of the company's responsibility in light of the circumstances which the country is going through. • Life insurance agreements are totally not concerned with this • As for the special agreements with the reinsurance companies, they were signed as of the beginning of the calendar year, and payment is obligated according to what is mentioned in the terms and conditions of the agreements. • Reinsurers are not concerned with FRA’s decision in this regard • Reinsurers are bound by the decisions of the authority and the government in this regard. • The company does not have a medical reinsurance agreement. • We refrain from commenting because this information is related to reinsurers. • Reinsurance does not have any interference with the collection of premiums, and all consequences are the responsibility of the company. 12. What are the actions that your company has taken or the services you have provided to your customers to reduce the impact of the Corona-virus on them? • Applying all precautions to protect workers as a first priority and continue to work and provide the company's services through the presence of 50% of the employees working in the office and 50% working from home.
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• Inspectors submit their reports via e-mail and do not go to the office. • All employees and visitors are examined upon their arrival at the company's headquarters to ensure that there are no symptoms. Individuals with symptoms are directed to seek medical help. • All employees were instructed not to travel, whether inside or outside Egypt, except in cases of extreme necessity. • Using the facial recognition system for attendance records instead of fingerprint. • Encourage the payment of claims as well as premium on an online basis. • Obtaining documents to pay claims through the E-mail. • Granting customers some facilities for paying the fees of the issued documents due to the current economic conditions, exemption from paying any extra fees for delay and making electronic payments available through bank notices and granting the necessary credit facilities to clients. • Work as much as possible to meet customer requirements, whether in the process of liquidation or document entitlements. • Facilities for the delivery and payment of premiums are provided by sending a representative with whom credit card payment device. • The treatment is delivered to some clients who suffer from chronic diseases, in addition to providing home medical visits. The mechanism of contacting clients with doctors through electronic applications has also been provided. 13.Can you give us examples of the most important customer complaints you have receive? • Inquiry "Do the individual life insurance policies cover the risk of death resulting from infection with the Coronavirus?" • The delay in fulfilling customer requests, especially with regard to claims. • Failure to meet customer needs from their point of view. • Customers ask for postponing premium payments. • There weren’t complaints related to Corona virus, and customer complaints did not differ in type and subjects from before Corona-Virus.
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Part Five: Expectations and Views:
14. What is the re /insurance line that worries you most or is likely to suffer more
15. To what extent do you expect to lose insurance operations as a direct result of the spread of COVID-19 at the end of this year? (June to December 2020)
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16. In your opinion, what are the sectors in Egypt most affected by the Corona pandemic? (Give at least three examples, in order of their vulnerability) • Hotels, tourism and travel sector . • The transportation sector (land - sea – air) . • Aviation sector. • The Maritime and Land Transport Sector . • trade sector (import and export). • Retail sector - the car sales and assembly sector . • Education. • Banking and Insurance Sector . • Sectors of small and medium enterprises, crafts, and irregular (daily) and temporary employment . • Building and Construction Sector . • Foreign investment and stock exchange. • Petroleum sector . • Suez Canal revenue . • For Claims: medical insurance - D&O policies- microinsurance - travel insurance - life insurance. • For issuance: travel insurance - micro insurance – life insurance 17. From your point of view, what are the insurance policies that these sectors needed to minimize the impact of Corona's pandemic damage on them? • Providing compulsory policies, especially for temporary daily employment, such as Aman, the Egyptian certificate with small premiums. • Unemployment insurance. • Pandemic-BI polices • Policy for events canceling, which must include coverage of pandemic. • Covering pandemic within medical insurance policies. • Amendment of group insurance policies to cover pandemics. • Create a pool to cover epidemics and pandemics, similar to a Nat Cat pool in which clients participate to cover such events. • Insurance programs, including pandemics coverage. • In life, nothing new is required. 18. From your point of view, what are the products / insurance policies that you think Insurance Federation of Egypt “IFE” should study for the coming period and provide samples of guide policies for all the market? • Providing insurance programs / insurance policies that include pandemics coverage, such as: - Policy for events cancellation - Life insurance policies for medical stuff.
- Medical insurance policy for temporary employment.
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- Unemployment Insurance. - BI insurance, including pandemics. • Insurance pools for catastrophic risks. • It is not possible to identify or issue policies covering pandemics risk. 19. How can the Egyptian Insurance Market help Business to respond or to face COVID-19 and any future Pandemics • Creating a pool to cover the risk of pandemics (medical and life). • Making a study to design new insurance policies to include future pandemics and to agree with reinsurers abroad to cover future pandemics. • The insurance sector should deduct part of its annual profits and spend it on scientific research against these pandemics, as well as contribution in supporting the country's health system. • On the basis of the principle of social solidarity, the vast majority of companies will pay for the damages resulting from pandemics during this period. • Given the current circumstances, for life insurance (either individual or group) the only way in the event that customers fail to pay the premiums is to postpone the payment for an appropriate period that does not affect the company as well as the customer. • Communicating with FRA to find means to financially support insurance companies to enable them to fulfill their obligations to different parties (clients - reinsurers) and thus the sector can support the state's economy. • Supporting the future of digitization by accelerating the spread of the electronic issuance instead of relying on paper documents. • Designing new policies that protect the income of small and medium- enterprises. 20. Would you like to make COVID 19 and its impact on all lines of insurance business, the main subject of 3rd Sharm Rendezvous 2020?
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Egypt’s Economic Harvest 2019:
1- An overview of the world economy
The pace of global economic activity is still declining to achieve a growth rate of 3% in 2019 compared to 3.6% in 2018, which is the lowest level since 2008/2009 and global trade growth rates ranged between 1.1% in 2019 and 3.2% in 2020, which is a result of the escalation of trade tensions between the major economies, which resulted in a large increase in customs duties and affected the business environment and the level of confidence in the economic activity. In addition to the decline in economic growth rates in developed economies such as the Euro area and North America and the small advanced Asian economies affected by the slowdown in industrial production as a result of weak external demand from China and the expansion of the global repercussions of trade tensions and slowing investment. Emerging markets also came to contribute to its decline in global economic growth in 2019, in particular Argentina, Iran, Turkey and Venezuela. In India, the economic slowdown came in light of the impact of the non-banking financial sector and efforts to control high debt rates. 2018 2019 2020 2021 2022 Global Economy GDP real growth rate% 3.6 3.0 3.4 3.6 3.6 Inflation Rate% 3.6 3.4 3.6 3.5 3.5 Trade in goods and services growth rate % 3.6 1.1 3.2 3.8 3.8 European Union GDP real growth rate% 1.9 1.2 1.4 1.5 1.4 Inflation Rate% 1.8 1.2 1.4 1.5 1.7 Emerging Market &Developing Economies GDP real growth rate% 4.5 3.9 4.6 4.8 4.8 Inflation Rate% 4.8 4.7 4.8 4.5 4.4 ASIA GDP real growth rate% 5.2 4.8 4.9 5.2 5.2
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2018 2019 2020 2021 2022 Inflation Rate% 2.8 2.5 2.6 2.7 2.8 Middle East & North Africa GDP real growth rate% 1.9 0.9 2.9 3.2 3.2 Inflation Rate% 9.9 8.2 9.1 7.9 7.4 Africa & Sub Sahara GDP real growth rate% 3.2 3.2 3.6 3.7 3.9 Inflation Rate% 8.5 8.4 8.0 7.1 6.8 Source: International Monetary Fund
2- The Egyptian Economy in 2019 The Egyptian government has successfully implemented a first wave of macroeconomic and structural reforms that have succeeded in addressing a number of deep-rooted issues, and have helped to stabilize the economy, sustain growth, and lay the foundation for more dynamic participation of the private sector in the economy. In the fiscal year ending on June 30, 2019, the real GDP growth rate was 5.6%, comparing with the previous fiscal year which achieved 5.3% and data for the first nine months of fiscal year 2019 indicate that this recovery is driven by net exports. On the sectoral side, the sectors of gas extraction, tourism, wholesale and retail trade, real estate and construction were the main engines of growth and unemployment decreased to 7.5% during the last quarter of fiscal year 2019 compared to 9.9% in the previous year. The Central Bank of Egypt cut the interest rate by 150 bps in August 2019, a move that would improve the cash flow of the private sector through its impact on lending rates. The easing of monetary restrictions was driven by a noticeable decrease in overall inflation to 7.5% in August 2019 due to favorable underlying effects as well as a decrease in food price inflation, which reduces the combined effects of inflation caused by the increase of energy prices in July 2019.
3- Egypt's Ranking in International Reports The Egyptian economy has won the acclaim of most of the international and economic organizations. This comes as a confirmation of the success of the Egyptian government in implementing the comprehensive reform program, as Egypt advanced 8 places in the security and safety index issued by the Gallup Foundation for 2019 to become the eighth in the world and second in the Middle East. On the other hand, according to Bloomberg, the Egyptian pound occupies the second position as the best currency in the world after the Russian Ruble, and Egypt is the second most able to withstand economic shocks. Egypt was among the five best countries in the world in the Economist's periodic list of economic growth. At a rate of 5.6%.
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The International Monetary Fund expected that the growth of the Egyptian economy will remain strong during the coming period as a result of the improvement of the tourism sector and the increase in natural gas production. The Global Market Foundation, registered with the International Monetary Fund and the World Bank, chose the "Public Debt" unit in Egypt for the Best Public Debt Unit in the Middle East and North Africa for the year 2019 Egypt also jumped 25 places in the "budget transparency" index and 18 places in the "strength of the implementation of auditing and accounting standards" after having succeeded during the last year that ended at the end of June 2019 in the full gesture of the state's public finances electronically. The sovereign rating of the Egyptian economy has also made noticeable progress with the credit rating institutions ’certification. In its November 2019 report, Fitch Foundation confirmed its sovereign rating of the Egyptian economy at“ + B ”while maintaining a stable outlook as a new confidence that reflects the sustainability of the economic reform program The government is on the right path to confirm the report of the "Fitch" Foundation, the solidity of the Egyptian economy despite the global slowdown in international trade and increasing tensions in the global economy. Also, there are a number of other positive indicators that reflect the vision of international institutions to the performance of the Egyptian economy, and confirm that Egypt is on the right path, including, but not limited to: 3.1 Doing Business Report 2020
Egypt advanced on the World Bank’s Doing Business 2020 report six places, ranking 114th out of 190 countries. The ranking marks an improvement from Egypt’s ranking of 120th on the Doing Business 2019 report. Egypt jumped 19 places to rank the 90th in the index of starting a business, backed by the government’s commitment to enhance the country’s investment climate and streamline business procedures, making it the one-stop-shop. Furthermore, Egypt advanced on the electricity access index by about 19 ranks to stand 77th, up from 96th last year, according to the ministry.
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Egypt also advanced on the index of the protection of small investors, jumping 15 positions from 72 to 57 due to legislative reforms related to the indicator. The report pointed out that Egypt advanced in the tax reimbursement index three places compared to last year, moving from 159 to 156, according to the ministry. The World Bank report said Egypt was among the top 25 countries in the world in terms of the number of reforms in the 2020 report. This high ranking reflects the government’s sustained commitment to improving the investment climate and simplifying procedures for investors.
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3.2 The Global Competitiveness Report 2019 The Global Competitiveness Report 2019 of the World Economic Forum revealed that Egypt ranked 93 out of 141 countries compared to 94 in last year's report. This year, the report used a new methodology in which the importance of human capital increases, openness and innovation, and the ability to achieve better social outcomes, including the level of satisfaction with life. Egypt's biggest rise in the innovation index came to 61th, compared to 64th last year. Egypt's ranking in the infrastructure index also rose to 52nd in 2019 after it was 56th in the previous report, due to a focus on mega projects to develop infrastructure, including the Suez Canal hub and the new Administrative Capital, which led to global recognition of these efforts. Egypt's rank also improved in the labor market index to be in the 126th position compared to 130th last year, because of the new investments and the private sector pumped investments that contributed to providing job opportunities for youth and women. Egypt's global ranking in the market size index rises to rank 23.
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3.3 United Nations Conference on Trade and Development (UNCTAD)
According to the 2019 World Investment Report, Egypt is the largest African country in attracting FDI inflows during 2018, with FDI inflows to Egypt reaching about $ 6.8 billion in 2018. The report pointed out that Egypt is the largest destination for foreign direct investment in Africa during the year 2018 by investing in the sectors of real estate activities, food industries, oil, gas exploration, and renewable energy. In addition, it has become the most attractive country to foreign direct investment in Africa during the first half of 2019, as it attracted $ 3.6 billion in foreign direct investment. 3.4 Rand Merchant Bank
Rand Merchant Bank has chosen Egypt as the best destination for investments in the African continent in 2020 – according to "Where to Invest in Africa" report. Egypt has for the third year in a row topped the list of the top ten investment destinations in Africa, the South African bank indicated in its annual report on the most attractive African countries to invest in, which is due to be released early next year. According an official with the bank: “For the past three years, Egypt has made significant strides in changing its business environment, improving external investment into the market and growing its own industries. We have seen signed agreements with the IMF. Egypt also took the difficult decision a few years ago to devalue its currency to be more reflective of what’s happening in the market. Even though these were tough decisions, in the long run it will help with structural changes in the economy. We are also expecting an approximate 5.3% growth rate for the next five years. This is well above the 4% average expected for the rest of Africa.” The report assesses countries on the basis of their performance in a number of economic sectors including mineral resources, retail sales, funding, ICT, manufacturing and construction. The enormity of the market paired with a sophisticated business sector relative to other countries makes Egypt the most attractive investment destination in Africa. The improvement in Egypt’s business environment, facilitated through government programs, combined with the progressive increase in investment from the private sector has enhanced economic growth and assisted in repositioning Egypt on the global investment map.
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3.5 Organization for Economic Co-operation and Development
In February 2019, the Organization for Economic Cooperation and Development (OECD) upgraded Egypt ' s ranking in the Country Risk Classification to five (5). OECD mentioned in its statement that investment risk in Egypt downgraded from six (6) to five (5). OECD attributed the progress achieved and Egypt ' s ranking upgrade to the reforms implemented by the Egyptian government. Such reforms contributed to the enhancement of the investment climate and the provision of a supportive environment for investment and business. OECD revealed that the upgrade of Egypt’s ranking would help to attract more FDI inflows from Europe. It worth mentioning that among 201 countries in OECD's Country Risk Classification Index, only four countries: Egypt, Albania, Kazakhstan and Uzbekistan have improved their ranking. 3.6 Standard Chartered Bank
Standard Chartered Bank issued a report on June 9, 2019 regarding the most important developments in the Egyptian economy in the light of the economic reform process aimed at achieving comprehensive financial and economic reforms. The Bank indicated that Egypt is on the right path in the economic reform process, and it is expected that Egypt’s GDP achieves a growth rate of 5%. The report indicated that it is expected that Egypt will rank the 7th position among the 10 largest economies in the world by 2030, as it is expected that the gross domestic product will record $ 8.2 trillion according to purchasing power during the year 2030. 3.7 African Development Bank
The African Development Bank stated that the positive results achieved by the Egyptian economy and the investment environment in Egypt recently, according the report issued by the bank in February 2019 about Egypt under the title "Building Partnerships to Make Egypt Competitive and Sustainable". The Bank confirmed that Egypt topped the list of African countries which could attract foreign direct investment. Egypt has turned into a regional energy hub. Its electricity production capacity has exceeded a fifth of the total energy produced on the African continent.
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4- Egypt's economy achieves highest growth rate in 11 years Egypt’s economy has achieved the highest growth rate in 11 years. For the third year in a row, it leads the growth rates of the most important economies in the region. In a clear indication of the continued improvement in the performance of the Egyptian economy and the success of implementing the economic reform program policies adopted by the state since 2016. The Egyptian economy achieved its highest growth rate in 11 years. It has also remained at the forefront of the growth rates of the most important economies of the region for 2020, and for the third year in a row As the graph shows a chronological sequence of the growth rate of the Egyptian economy during the period from 2008/2009 to 2018/2019, indicating that the growth rate reached 5.6% during the year 2018/2019, compared to 5.3% during the 2017/2018 year. From 2009 to 2019, the graph highlights that, in 2009, Egypt ranked 5th position among the Middle East's most important economies. Egypt has topped the list of economic growth rates for
the most important economies of the Middle East region in 2018 and 2019. It’s also expected to continue to lead in 2020. The growth rate of the Egyptian economy has also maintained a higher level than the average global growth since 2015, which recorded 5.6% during 2019, while the average global growth reached 2.9% during the same year. The growth rate in Egypt recorded 5.3% in 2018, compared to an average global growth rate of 3.6% during the same year. In 2017, the growth rate of Egypt
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recorded 4.2%, compared to the average global growth rate of 3.8%. In 2016, the growth rate in Egypt recorded 4.3%, compared to the average global growth that It recorded 3.4% . In 2015, Egypt’s growth rate scored 4.4%, compared to an average global growth rate of 3.5%. It is intended that Egypt’s growth rate will be 6% during the year 2020, compared to the average global growth which may reach 3.3% during the same year. Also, for the third year in a row, Egypt topped the growth rates of the most important economies of the Middle East for the third consecutive year to record 6% "targeted", followed by Iraq with a growth rate of 5.1%, Oman with a growth rate of 3.7%, Israel with a growth rate of 3.1% and Turkey with a growth rate of 3%, after it occupied second place During 2017, which recorded a growth rate of 4.1%, followed by Bahrain with a growth rate of 3.8%, then Iran with a growth rate of 3.7%, and Israel with a growth rate of 3.6%, in contrast, Saudi Arabia's GDP decreased by 0.7%, followed by Iraq by 2.5%, and Kuwait by 3.5% . Egypt ranked 1st during the year 2018 with a growth rate of 5.3%, followed by Israel with a growth rate of 3.4%, then Turkey with a growth rate of 2.8%, Saudi Arabia with a growth rate of 2.4%, while the GDP of Iraq declined by 0.6%, and Iran by 4.8%. These positive indicators have been praised by many international economic institutions, as the World Bank stressed Egypt's continued leadership in the economic growth of GDP in the MENA region, in light of the improvement of the macroeconomic indicators. In turn, the International Monetary Fund pointed out that the Egyptian economy continues to lead the growth rates of the major economies of the Middle East and North Africa region in 2020. IMF confirmed Egypt's strong growth rate in 2019, expected to continue to improve in 2020, thanks to the recovery in Domestic demand and improved balance of payments performance. The European Bank for Reconstruction and Development stressed the continued growth of Egyptian economic growth and reaching the highest rate in 11 years, mainly driven by the increase in net exports and investments.
5- Youth and Innovation in Egypt Egypt's young and educated workforce provides investors with access to talented labour. Their passion and creativity, together with legislative support, have helped put Egypt among the top 10 countries worldwide to launch start-ups, according to Forbes in 2015. Egypt boasts a large, young, well-trained and highly competitive labour force of around 29.1 million (more than 31% of the total Egyptian population). With a bustling population of over 100 million, 50% of which are below the age of 30, Egypt is aggressively staking its claim as one of the fastest growing entrepreneurial hubs in the world. Knowledge, innovation and scientific research are at the heart of Egypt's 2030 social development strategy.
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This strategy also includes: • Carrying out legal reform to foster innovation. • Adopting a comprehensive program to promote innovation and knowledge culture. • Comprehensive program to stimulate innovation activities by SMEs.
.
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The Structure of the Egyptian Insurance Market 2019
- United General Insurance Company has been removed from FRA’s registry after 30/6/2019 in accordance with FRA Board Resolution No. (102) for the year 2019. - In March 2020, the number of Non-Life insurance companies reached 24 companies and the number of Life Insurance companies was 15 companies (other than the African Takaful Reinsurance Company and the United General Insurance Company). - The number of commercial insurance companies in March 2020 reached 28 companies and Takaful insurance companies are 10 companies.
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The evolution of the number of insurance companies and cooperative insurance societies operating in the Egyptian insurance market:
2015/2016 2016/2017 2018/2017 2019 According to line of Business Life Insurance 15 15 15 15 Non-Life Insurance 21 21 22 23 According to insurance form Commercial Insurance 27 27 27 27 Takaful Insurance 9 9 10 11 Total 36 36 37 38
A statement of the licensed professionals in the Egyptian Insurance Market:
Insurance 2017 2018 2019 Professionals Individual Corporate Individual Corporate Individual Corporate Brokers 8,632 68 13,000 87 13,280 90 Actuaries 41 0 43 0 50 0 Ins. 335 12 340 16 361 15 Consultants Surveyors and 419 65 413 70 404 69 Loss Adjusters Total 9,427 145 13,796 173 14,095 174
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Insurance Companies 2019:
Non-Life Insurance Companies Life Insurance Companies 1 Misr Insurance Co. 1 Misr Life Insurance Co. 2 Suez Canal Insurance Co. 2 Suez Canal life Insurance Co. 3 Mohandes Insurance Co. 3 Mohandes Life Insurance Co. 4 Delta Insurance Co. 4 Delta life Insurance Co. 5 AIG Egypt Insurance Company S.A.E. 5 MetLife Egypt Co. 6 gig – Egypt Insurance Co. 6 AXA Egypt Life Insurance Co. 7 Export Credit Guarantee Company of Egypt 7 Allianz Egypt Life Insurance Co. 8 Co-operative Insurance Society Egypt (CIS) 8 QNB ALAHLI Life Insurance Co. 9 Chubb Egypt Insurance Co. 9 Chubb Egypt Life Insurance Co. 10 Royal Insurance Co. 10 Egyptian Life Takaful -giglt Co. 11 Allianz Egypt Insurance Company Co. 11 Tokio Marine Family Takaful Co. 12 Egyptian Saudi Insurance House 12 Arope Life Insurance Egypt Co. 13 BUPA Egypt Insurance Co. 13 Libano-Suisse Takaful Egypt Co. Egyptian Takaful Property & Liability 14 14 MISR EMIRATES Takaful Life Insurance Co. Insurance (EGTAK) Co. 15 Wethaq Takaful Insurance - Egypt Co. 15 Sarwa Life Insurance Co. 16 AROPE INSURANCE EGYPT Co. 17 ISKAN Insurance Co. 18 Tokio Marine Egypt General Takaful SAE 19 Orient Takaful Insurance Co. 20 AXA Egypt Insurance Co. 21 United Insurance Co. 22 MEDGULF – Egypt Insurance Co. 23 Misr Takaful Insurance Co. 24 Sarwa Insurance Co. - United General Insurance Company has been removed from FRA’s registry after June 30,2019 in accordance with FRA Board Resolution No. (102) for the year 2019. - Export Credit Guarantee Company of Egypt (ECGE) was founded in 1992 with a mandatory role of facilitating a healthy development of Egypt’s foreign trade. ECGE provides comprehensive services and support to exporters to assist them manage, protect and finance their receivables. ECGE is non-member in IFE.
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Insurance Pools: In order to achieve the objectives of the Insurance Federation of Egypt and what is stated in its articles of association in the third article, "the federation may use all necessary means and capabilities to support and develop the insurance market and take care of the interests of members. In particular, it may establish insurance pools among members after the approval of the Financial Regulatory Authority with the aim of providing insurance coverage for the various dangers to which giant national projects are exposed to, and to face the great dangers and disasters that the country is exposed to ". The Insurance Federation of Egypt, in cooperation with the Financial Regulatory Authority, established four compounds as follows: 1. Personal accidents pool for passengers travelling on the railway/metro or roads. 2. Decennial risks pool. (which cover the civil liability for construction work hazards) 3. Nuclear risks pool. 4. The Compulsory Motor Insurance Pool. 5. Natural Hazards Pool (under construction)
Government Insurance Funds These funds are assigned to cover the risks that unusually unacceptable by insurance companies or the risks believed to be solely covered by the Government. The establishment of the government insurance funds should be by a decision of the Prime Minister based on the proposal of the competent minister, who issues a decision to renew the terms and prices of insurance operations based on the proposal of the BOD of the FRA. The Government Insurance Funds in the Egyptian Insurance Market are: 1. Owners of Custody Guarantees Fund. 2. Postal Operations Guarantees Fund. 3. Fishing Boats Fund. 4. Damages arising from accidents of rapid transit vehicles.
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Federations and Auxiliary Organs: 1. Insurance Federation of Egypt. 2. Cargo Supervision & Surveying Office of Egypt 3. Insurance Institute of Egypt. 4. Financial Services Institute (FSI).
Private Insurance Funds: It is a system applied by an authority, a company, a syndicate or an association comprising of individuals practicing the same profession, involved in the same career or forming social links. The fund grants members insurance rights in the form of financial benefits to be determined by them. The number of the licensed Private Insurance Funds in the Market is 749 funds, of which the working Funds reached 679 funds in addition to 70 funds under liquidation. The beneficiaries of the Private funds reached about 5 million members. At the end of 2019, the total contributions reached about 10 billion Egyptian pounds cover about 5 million participants at the end of the year 2019.
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Legislative developments: • The Unified Insurance Law: The Financial Regulatory Authority concludes the societal dialogue regarding the comprehensive insurance bill in preparation to be presented to its board of directors and to be sent to the Cabinet. The finalized Bill contains 233 articles (some amended and others newly introduced) that were outlined by a number of experts in the field of insurance and related services. The Bill consolidates four separate laws passed over the years and issues or developments that have since taken place. The Bill deals with, among other things, takaful, microinsurance, agriculture insurance and third-party healthcare administrators. FRA will also be empowered to determine the types of insurance that are to be made compulsory. The proposed new law will move the insurance industry to risk-based supervision and position solvency standards in line with international norms. The Bill covers corporate governance, including the requirement for FRA to review the list of candidates for membership and chairmanship of the boards of insurance companies.
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The draft unified insurance law takes into account digitization in the field of insurance and related activities. It also deals with efficient dispute resolution mechanisms. • Issuing Resolution No. (23) for the year 2019 regarding controls for organizing takaful insurance: the decision stipulates that Takaful Insurance Company shall manage the insurance business and the associated investment side for policyholders for a fee. Takaful insurance company shall form a policyholders’ fund which includes the company’s total accounts pursuant to its statute and in accordance with the Egyptian Accounting Standards Manual for Insurance Companies. The said fund shall include the assets, liabilities and rights of Takaful policyholders, subscriptions and revenues. These accounts shall be completely separated from the accounts managed by Takaful insurance companies. • The Unified Insurance Law: - The Financial Regulatory Authority concludes the societal dialogue regarding the comprehensive insurance bill in preparation to be presented to its board of directors and to be sent to the Cabinet. - The finalized Bill contains 233 articles (some amended and others newly introduced) that were outlined by a number of experts in the field of insurance and related services. The Bill consolidates four separate laws passed over the years and issues or developments that have since taken place. The Bill deals with, among other things, takaful, microinsurance, agriculture insurance and third-party healthcare administrators. FRA will also be empowered to determine the types of insurance that are to be made compulsory. The proposed new law will move the insurance industry to risk- based supervision and position solvency standards in line with international norms. - The Bill covers corporate governance, including the requirement for FRA to review the list of candidates for membership and chairmanship of the boards of insurance companies. - The draft unified insurance law takes into account digitization in the field of insurance and related activities. It also deals with efficient dispute resolution mechanisms. • Motor Insurance and Third-Party Liability: - FRA’s Chairman issued decision no. 252 of 2019 on establishing the Compulsory Motor Insurance Pool. The Pool will-solely- manage this branch of insurance on behalf of its members from all insurance companies and cooperative insurance company licensed to practice compulsory motor liability insurance in Egypt, and approves the statute of motor pool. - Issuing Decision No. (46) for the year 2019 regarding the conditions and controls for compulsory electronic collection companies for cars and express transportation vehicles: The authority issued terms and conditions for registering electronic collection companies for compulsory insurance policy premiums for cars and express transportation vehicles to codify the electronic collection mechanism for compulsory
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insurance policies to support the business , and to eliminate the cases of fraud and forgery witnessed in this line of business. - FRA’s Chairman Decision No. (1052) of 2019 regarding the regulations for determining the depreciation rates in the car insurance policy. • Issuing Resolution No. (23) for the year 2019 regarding controls for organizing takaful insurance: - The decision stipulates that Takaful Insurance Company shall manage the insurance business and the associated investment side for policyholders for a fee. Takaful insurance company shall form a policyholders’ fund which includes the company’s total accounts pursuant to its statute and in accordance with the Egyptian Accounting Standards Manual for Insurance Companies. The said fund shall include the assets, liabilities and rights of Takaful policyholders, subscriptions and revenues. These accounts shall be completely separated from the accounts managed by Takaful insurance companies. • Financial & Insurance Inclusion (Microfinance & Microinsurance): - FRA’s BOD Decision No.15 of 2019: Based on this decision, FRA’s initiative to extend the social safety net to microfinance clients came into force. The decision amended the provisions of article no. (24) of FRA’s BOD decision no.31 of 2015 regarding the rules and regulations set for practicing microfinance activity. In addition to other amendment to FRA’s BOD decision no. 173 of 2014 regarding the rules set for microfinance companies. These amendments stipulate that the MFIs, whether a company, a civil institution or a NGO of categories (a) and (b) are obliged to provide an insurance coverage for clients obtaining microfinancing against the risk of death and total disability through collective insurance policies with an insurance company. The new amendments state that the insurance amount shall be equal to the balance of the outstanding loan obtained by the client. Microfinance institutions (MFIs) are prohibited from receiving any commissions or introducing fees under any name or in any other way for the mandatory insurance coverage other than insurance premiums. - FRA’s BOD Decision no. (17) of 2019 on approving the exemption of collective life insurance policy for micro-finance clients from the fees set for reviewing and approving new insurance policies and forms. - Decision No. (166) of 2019 regarding the amendment of the Board of Directors Decision No. 16 of 2019 regarding the issuance of a collective standard micro-insurance contract to cover the microfinance beneficiaries. Where licensed insurance companies (practicing Life or Non-Life insurance), wishing to cover those obtaining microfinance from donors (societies / private institutions of categories (A) and (B) / companies) of category A / or B attached to this decision, respectively, according to the type of its license. The maximum insurance premium is 30 piasters per month per one thousand pounds from
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the insurance amount for categories (A). For Category (B) prices should be submitted to FRA to get approval. - FRA has prepared a draft law amending the provisions of Law No. (141) of 2014 on regulating microfinance activity. The new amendments to the Law shall match the developments revealed by the actual application of the law over the past four years regarding the need to increase finance value that may be granted to clients. In addition, the new amendments will provide a new finance ceiling for another category to facilitate the associations and civil institutions engaged in finance activity in light of the variables witnessed by the Egyptian economy. The new amendment will also cover all financing activities granted for micro, small, and medium-sized enterprises (MSMEs). In this respect, this will enable the maximum number of target groups and SMEs to access various means of finance, in a move to attract hundreds of thousands of jobs annually which contributes to the elimination of unemployment. On the other hand, the draft law regulates the work of entities granting finance, reduces risks, encourages the expansion of this activity and protects the rights of beneficiaries through putting microfinance entities under a strict regulatory system. - The issuance of a decision regarding licensing for microfinance agencies to add the activity of microfinance leasing. This comes within the framework of completing the effective role of companies and associations that engage in microfinance activity in the area of financial inclusion and the availability of multiple alternatives to finance medium and small enterprises.
For more information about the insurance market regulations and the most important decisions, please visit the Financial Regulatory Authority website: http://www.fra.gov.eg/
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Important milestones and decisions of the Financial Regulatory Authority that positively affect the Egyptian insurance industry:
The compulsory Professional indemnity insurance is being activated against responsibilities arising from the practice of some professions such as (account auditors, financial advisors and other professions that are subject to the supervision of FRA).
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The Federation exercises its powers through the following agencies: 1- The General Assembly. 2- The Board of Directors - Chairman of the Federation. 3- The Executive Councils. 4- Technical committees. 5- The General Secretariat.
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The General Assembly The general assembly is the supreme authority of the federation. It is formed by a representative of each member of the Federation. The General Assembly is responsible for the following: 1. Approving the necessary policies to achieve the Federation's objectives. 2. Approving the code of ethics of insurance work for the Federation’s members and setting general rules that include concepts of cooperation among them in accordance with the professional standards set by the Financial Regulatory Authority to achieve the safety of practices in the market and the stability of conditions to ensure legitimate competition among them and the protection of dealers with them in preparation for their approval by the authority. 3. Approving the organizational structure of the federation. 4. Election of the Chairman of the Board of Directors of the Federation, the Deputy Chairman and the members of the Board. 5. Determining the categories of allowances to be disbursed to members of the General Assembly, the Board of Directors and the Executive Councils. 6. Approval of amendments to the Federation’s Articles of Association in preparation for approval by the competent authorities in accordance with the law. 7. Determining the membership fee paid by the applicants to join the Federation. 8. Determining the annual subscription paid by members. 9. Approving the federation’s estimated budget as well as the financial statements, the auditor’s report, and the annual report on the federation’s activities. 10. Appointing the auditor and determining his fees. 11. Other matters that the Federation’s Board of Directors may present to the General Assembly and include them in the agenda.
The Board of Directors – The Chairman The Board of Directors The Federation Board of Directors is responsible for the following: 1. Setting the necessary steps to implement the general policy that achieves the objectives of the federation in accordance with its statute and the decisions of the General Assembly, and following up on this policy. 2. Proposing code of ethics for insurance business for the Federation’s members. 3. Approving the business plan for the two executive councils. 4. Approving the controls and criteria for selecting members of the technical committees that are set by the two executive councils. 5. Expressing opinions on draft laws and regulations and proposing to amend legislation related to the insurance industry or affecting it, and working to develop it in a way that suits
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the conditions and controls of the Egyptian market and the current situation of the global insurance markets. 6. Participation in developing future strategies for the insurance industry. 7. Exchanging experiences, information and ideas with similar federations and governmental and non-governmental agencies in Egypt and abroad in a way that serves the insurance industry. Doing everything to succeed in this mission by holding seminars and conferences, and joining them locally and internationally. 8. Consider all issues related to insurance complexes and auxiliary agencies. 9. Approval of joining local, regional and international organizations and federations and participating in conferences, seminars and meetings that benefit the federation and help it to achieve its goals. 10. Establishing insurance information centers and analyzing what is issued by them regarding the Egyptian market. Publishing and updating market data and statistics. 11. Supporting and financing studies needed by the insurance market. 12. Determining the financial consideration to be paid for works performed in favour of the Federation or at its request. 13. Determining the categories of allowances to be paid for members of the technical committees of the Federation. 14. Calling the General Assembly to convene. 15. Approval of the financial and administrative regulations and the personnel affairs systems of the Federation. 16. Appointing the Federation’s Secretary General and the Secretary General Assistants. 17. Discussing the auditor’s report and responding to the remarks he had received prior to presentation to the General Assembly. 18. Approval of the estimated budget, financial statements, and the annual report on the Federation’s activities before submission to the Federation’s General Assembly. 19. Determining the investment policy and the aspects of benefiting from the Federation’s funds and the main investment channels. 20. Working to spread insurance awareness and encourage research and actions that encourage it. 21. Other matters that the Chairman of the Board of Directors of the Federations needs to present to the Council.
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The Chairman The Chairman of the Federation Board of Directors shall be responsible for the following: 1. Representing the Federation before the courts and in its relations with others. 2. Calling the Federation’s Board of Directors to convene. 3. Chairing the Board meetings. 4. Chairing the Executive Councils and the formed committees’ meetings if he attends any of them in his capacity. 5. Approving the agenda of the General Assembly and the Board of Directors and signing with the Secretary General of the Federation the minutes of the Council’s sessions and monitoring the implementation of the decisions issued. 6. Signing contracts and agreements that the Federation’s Board of Directors agrees to conclude, and he/she may authorize the Vice President of the Federation to do so. 7. Following up the implementation of the Federation’s Board of Directors decisions. 8. Supervising the issuance of periodicals in the name of the Federation that will be a tool for disseminating local, regional and international insurance culture. 9. Following up on legislative changes affecting the insurance industry. 10. Taking decisions on urgent matters that cannot be postponed until the meeting of the Board of Directors, provided that these issues and decisions are presented to the Board at its first meeting for briefing. In the absence of the Chairman of the Board of Directors of the Federation, his deputy shall carry out his duties in accordance with this system, and he shall have all the powers of the President.
The Executive Councils • The Federation forms two executive councils from representatives of the insurance and reinsurance companies and cooperative insurance societies that practice property and liability insurance, and representatives of insurance and reinsurance companies and cooperative insurance societies that engage in personal insurance and fund formation operations. • The representatives of members are required to be chairmen, deputy chairmen or chief executives, or senior managers who are designated by a decision of the chairman of of the company or association or its managing director. • Each Executive Council shall be responsible for implementing the necessary policies and programs to achieve the objectives of the Federation stipulated in its system in accordance with the annual business plan prepared and submitted by the Council Federation Board of Directors for approval.
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The Technical Committees • Each Executive Council shall form a number of technical committees to assist it in carrying out its functions. • These committees shall be formed of at least seven members and at most nine chosen by the Council from among the candidates by insurance and reinsurance companies and cooperative insurance societies in accordance with the controls and standards approved by the Federation Board of Directors. • Executive Council chooses the Head of the Committee and his Deputy from the candidates. • Each committee is responsible for implementing the necessary policies and programs to achieve the objectives of the Federation stipulated in its system in accordance with what is determined by the executive councils. • The committee presents the recommendations that it ends to the competent executive council.
The General Secretariat The Federation has a general secretariat headed by a full-time Secretary General of those with administrative competence and insurance experience assisted by one or more assistant general secretaries.
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The General Committee of Fire Insurance. The General Committee of Marine Insurance / Cargo. The General Committee of Marine Insurance / Hull. The General Committee for Motor Insurance. The General Committee for Miscellaneous Accident Insurance. The General Committee for Engineering Insurance. The General Committee of Surveying and Loss Adjusting. The General Committee of Microinsurance. The General Committee of Agricultural Insurance. The General Committee of Reinsurance. The General Committee of Sustainable Insurance. The General Committee of Life Insurance (Individuals) and Actuarial Experience. The General Committee of Group Life Insurance. General Committee of Health Care Insurance. The General Committee of Financial Education and Insurance Awareness. The General committee of the Financial Statements of Insurance Companies. The General Committee of Information Technology.
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IFE Board of Directors:
Mr. Alaa El-Zoheiry Dr. Saeed Gabr IFE Chairman & Managing Director of IFE Vice Chairman & Managing Director of gig – Egypt Ins. Co. Suez Canal Life Ins. Co
Representing Public Sector Companies Representing Public Sector Companies conducting property & liabilities conducting life insurance insurance (Non-Life)
Mr. Mo’men Mokhtar Dr. Ahmed Abdel Aziz Chairman Chairman of Misr Ins. Co. Misr Life Ins. Co. Representing Non-Life Companies
Mr. Hassan Darwish Mr. Mohamed Mahran Vice Chairman Managing Director Royal Ins. Co. Allianz Egypt Ins. Co.
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Mr. Reda Fathy Mr. Adel Fatoury Mr. Ahmed Arfeen Managing Director Managing Director Managing Director Mohandes Ins. Co. Wethaq Takaful Ins. Co. Egyptian Takaful Ins Co.
Representing Life Companies
Mr. Saeed El-Alfy Mr. Rimah Asaad Chairman Managing Director Delta Life Assurance Co. Egyptian Takaful Life Ins. -giglt Co.
Dr. Abdel Latif Mourad Ms. Elina Potarova Managing Director Managing Director Mohandes Life Ins. Co. Metlife Ins. Co.
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IFE General Assembly: Mr. Alaa El-Zoheiry Dr. Saeed Gabr Managing Director of Managing Director gig – Egypt Insurance Co. Suez Canal Life Insurance Co. Mr. Mo’men Mokhtar Dr. Ahmed Abdel Aziz Chairman Chairman Misr Insurance Co. Misr Life Insurance Co. Mr. Reda Fathy Mr. Ahmed Shehab Managing Director Managing Director Mohandes Insurance Co. Suez Canal Insurance Co. Mr. Mostafa Mohanna Dr. Adel Mousa Managing Director Chairman & Managing Director Egyptian Saudi Insurance House Co. Delta Insurance Co . Mr. Hassan Darwish Mr. Joseph Bejjani Vice Chairman Vice Chairman& Managing Director Royal Insurance Co. AIG Egypt Insurance Co. S.A.E Mr. Ihab Al-Awadi Mr. Mohamed Mahran Managing Director Managing Director Chubb Egypt Insurance Co. Allianz Egypt Insurance Co. Ms. Elina Potarova Mr. Ahmed Arfeen Managing Director Managing Director Metlife Insurance Co. Egyptian Takaful Insurance Co. Mr. Ayman Kandil Mr. Rimah Asaad Managing Director Managing Director AXA Egypt Life Insurance Co. Egyptian Takaful Life Insurance -giglt Co. Mr. Amr El-Shimy Mr. Mohamed Bazzi Managing Director Managing Director QNB National Life Insurance Co. Bupa Egypt Insurance Co. Mr. Mostafa Abo El-Azm Mr. Adel Fatoury Managing Director Managing Director Co-operative Insurance Society Egypt Co. Wethaq Takaful Insurance Co. Mr. Charles Twadros Mr. John Axel Bromley Managing Director Managing Director and CEO Allianz Egypt Life Insurance Co. Chubb Egypt Life Insurance Co. Mr. Medhat Saber Mr. Hammam Badr Managing Director Chairman & Managing Director Arope Insurance Egypt (P&L) Co. ISKAN Insurance Co.
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Mr. Mahmoud Hanafy Mr. Ali El Sisi Managing Director Managing Director Libano Suisse Takaful – Egypt Co. Arope Life Insurance Egypt Co. Mr. Masaya Inagaki Mr. Atsushi Yamakagi Managing Director Managing Director Tokio Marine Egypt Family Takaful Co. Tokio Marine Egypt General Takaful Co . Mr. Saeed El-Alfy Mr. Mohamed Abdel Rasool Chairman Managing Director Delta Life Assurance Co. Orient Takaful Insurance Co. Mr. Ahmed Nassef Dr. Abdel Latif Mourad Managing Director Managing Director AXA Egypt Insurance Co. Mohandes Life Ins. Co. Mr. Ayman El-Alfi Ms. Fatma El-Zein Managing Director Business Development Manager MISR EMIRATES Takaful Life Insurance Co. MEDGULF – Egypt Insurance Co. Mr. Peter Magdy Mr. Ahmed Khalifa Managing Director Managing Director Sarwa Life Insurance Co. Sarwa Insurance Co. Mr. Ahmed Morsi Chairman & Managing Director MISR Takaful Insurance Co.
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General Assembly ‘summary of decisions & achievements:
• Approving IFE’s financial statements for the fiscal year ending on 30/6/2018 and taking notes of the report of the Accountability State Authority and the auditor’s report of KPMG. • Approving IFE’s action plan for the fiscal year 2019/2020. • Approving IFE's estimated budget for the fiscal year 2019/2020 with a total amount of EGP 14,986,500. • Approving IFE member companies' contributions to finance IFE’s estimated budget for the fiscal year 2019/2020. • Approving the articles of association of Insurance Institute of Egypt and send them to Financial Regulatory Authority (FRA) to continue the legal procedures. • Approving a code of ethics of insurance business and code of conduct for insurance and reinsurance companies operating in the Arab Republic of Egypt and sending it to Financial Regulatory Authority (FRA) for approval. • Choosing the position of the second representative of Egypt in the Executive Council of the Federation of Afro-Asian Insurers and Reinsurers "F.A.I.R." and Mr. Adel Fatoury -Managing Director of Wethaq Takaful Insurance Company Egypt – was elected.
Board of Directors and Executive Councils’ summary of decisions& achievements: • Nominate IFE chairman to present the Egyptian Insurance market in the EURO- MEDITERRANEAN INVESTMENT FORUM 2019, under the theme of Financing the Maritime Economy, Investment and Development in the Mediterranean - Naples, 4-5 July 2019. • The approval of issuing the second edition of the book entitled “The Insurance Industry in Egypt in 120 Years” in English version. This book is a historical document and an important reference for all researchers and those who are interested in insurance affairs regionally and globally. • Election and appointment of Mr. Mo’men Mokhtar, the chairman of Misr Insurance Company as a president of IFE executive council for non-life insurance business (property & liabilities insurance) succeeding Mr. Hussein Atallah, the former chairman of Misr Insurance Company and the former president of IFE executive council of non-life insurance business. • Issuing the guiding policy of compulsory insurance for the professional liability of doctors after the approval of Financial Regulatory Authority. • The approval of IFE executive council for non-life insurance business (property & liabilities insurance) on the underwriting fire insurance guide prepared by the General Committee for Fire Insurance. This guide aims to laying out the proper foundations and standards that
provide the insurance underwriter with the basis of underwriting in insurance policies that
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should be issued. Aside from, the council recommended to hold a special seminar to explain this guide to the specialists in insurance companies that should be invited to attend. • Issuing the guiding policy of Group life insurance for employees and players of Egyptian sports’ federations after the approval of Financial Regulatory Authority. • Establishment of new insurance committees: Three new insurance committees had been established during 2019, these committees are as follows: - The General Committee of Agricultural Insurance. - The General Committee of Surveying and Loss Adjusting - The Sustainable Insurance Committee • Cooperation between the Insurance Federation of Egypt and the Egyptian Federation of Tourism Chambers: IFE executive council (for non-life insurance / property & liabilities insurance) reviewed the results of the joint meeting between Insurance Federation of Egypt and Egyptian Federation of Tourism Chambers. The two federations were represented by their chairmen, who discussed the problems faced by tourism companies related to insurance coverage. The two federations discussed establishing a cooperation protocol between them, in order to support and achieve the general interest of the Egyptian tourism and insurance sectors and the interest of our national economy. The problems facing the Tourism Sector that are required to be studied by the Insurance Federation of Egypt have been raised as follows: - Standardization of the All Risks Hotel Insurance policies’ format, and defining the covered and excluded risks including covering natural hazards. - Covering heavy rains as a natural disaster, in light of the fact that it has become very frequent in the Red Sea coasts, Sharm El Sheikh and Hurghada. - Clarifying the way of covering hotels liabilities, as most hotels have liability coverage for foreigners, which differ from one country to another and differ upon application with respect to Egyptian law and Egyptian courts. The tourism party suggested providing an international coverage to solve this problem. - Providing additional coverage to include tourism contracts with foreign companies. - Standardizing the mechanism of claims payment for all hotels to facilitate procedures. - Insuring boats on sea and tourist ships (domestic trips): some insurance companies accept insurance coverage for boats during the stopping period for repair or renewal, while other companies that accept boat coverage but refuse to cover it during the boat renewal period.
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The discussions concluded with the following: - The General Committee for Fire Insurance: to restudy the comprehensive policy for hotels and resorts. Studying the ability of adding a percentage to the value of the assets in the policy in order to avoid applying the proportional principle. - The General Committee for Miscellaneous Accidents Insurance: to reconsider the coverage of the liabilities mentioned in the comprehensive policy and the personal accident insurance program for tourists from outside the Arab Republic of Egypt, which was previously prepared by the committee in 2013. - The General Committee for Marine/Hull Insurance: to restudy the problem of covering stalled boats .The committee is asked to prepare a summary of the unified marine principles to be sent to the Egyptian Federation of Tourism Chambers. - The General Reinsurance Committee: to negotiate with reinsurers the possibility of covering heavy rains or add a maximum limit to each policy in proportion to the natural hazards insurance sum in the comprehensive insurance policy for hotels and tourist villages. The technical committees have studied the tourism sector recommendations and reached the following: - The General Committee for Fire Insurance presented a memo to suggest restudying the comprehensive policy for hotels and resorts, issued in 2006 to see if there’s a possibility to add a percentage of 10% to 15% to the value of the assets mentioned in the policy. The committee suggested amending and developing the comprehensive policy. - The Executive Council approved the proposed amendments, which is sent to the Financial Regulatory Authority. FRA approved the policy with some amendments. The amended policy was sent to the insurance companies that are members of IFE after taking the required amendments into account . - The General Committee for Miscellaneous Accident Insurance presented a memo regarding the reconsideration of the liability coverage included in the hotels and resorts policy, as well as the personal accident insurance program for tourists coming to Egypt. The committee suggested the following: - Issuing a specialized liability policy to enable the policyholder to get his rights when compensation is due in a fast, transparent and clear way. - The committee re-examined the personal accident insurance program for tourists coming to Egypt issued in 2014. The committee ended up confirming the insurance program previously prepared and approved by FRA and leaves setting the price and adding additional covers for each company according to its underwriting policy. - The General Committee for Marine Insurance / Hulls confirmed that the policy provides
all necessary insurance coverages for the activity of vessels operating in Egypt, whether
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during their operation, maintenance or lifting in docks and repair yards, as well as the related liabilities, in light of the conditions and requirements set by insurance companies in this regard. - The Council concluded by instructing the General Secretariat to prepare a letter to the Egyptian Federation of Tourism Chambers containing what the fire, accident and marine insurance committees have ended up with regarding responding to inquiries and suggestions raised by them in this matter.
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Insurance Federation of Egypt Strategy: Insurance Inclusion Access to Underserved Population “AUP” There is no doubt that financial inclusion in general and insurance inclusion in particular expand the scope of the insurance market and develop it to include all those who are not served by traditional insurance or who do not have access to insurance services, with a particular focus on vulnerable and low-income individuals. In this context, we have developed our sustainable strategy "Insurance Inclusion: Access to Underserved Population, and we chose to call it the "AUP Strategy". Efforts and many steps towards this strategy have been made with the strong support of the FRA. This strategy was included in the Federation's action plan for fiscal year 2020/2021 as follows:
1- Action Plan of the Insurance Federation of Egypt technical committees:
1.1 The technical committees of the Insurance Federation of Egypt study the customers’ needs and provide the required insurance products to meet these needs and reach the targeted segments who do not have access to insurance services: through holding meetings and seminars with representatives of different economic sectors in the country such as industrial federations, chambers of commerce, ministries and authorities to identify the real needs of the market and provide insurance products to cover the existing demand and reach the segments which do not have access to the insurance services. 1.2 Establishing new specialized technical committees that will provide support and development to the existing insurance lines of business or new insurance lines of business; For example, establishing the General Committee for Insurance Compensations, which aims at studying compensation cases in the Egyptian and international insurance sector and transfer the experience to the Egyptian market, with the aim of developing insurance business and ensuring that the standards are applied to treat clients fairly, which will have a positive impact on the sector’s image and reaching new targeted segments whom the insurance services didn’t reach, due to negative experiences or news. 1.3 Cooperation with international reinsurance companies in training technical committees on how to provide new insurance products and services to reach the segments who do not have access to the insurance services. 1.4 Microinsurance Technical Committee: 1.4.1 Developing the committee performance to provide the insurance coverage for SMEs in addition to microinsurance: In light of the Egyptian Cabinet approval of the draft law amending some provisions of Law No. 141 of 2014, regulating microfinance activity, the draft came to regulate both the SME financing and microfinance. Thus, it is an integrated legal regulation, which confirms that the
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SME financing and microfinance are subject to the provisions of the Law regulating the markets and non-banking instruments. Referring to the draft law of the development of Micro, Small and Medium Enterprises, which will be an alternative or amendment to the current Act No. 141 for 2004 for Small Business Development, IFE’s plan included the development of the committee's work to cover the insurance of Small and Medium Enterprises along with microinsurance, thus, the Committee focuses on providing insurance coverages in order to cover the financing of these groups and securing their projects and workers. 1.4.2 Providing new products to low-income people: The Committee intends in the coming period to introduce new insurance products that serve the broad sector of low-income people with a focus on the Prewritten Policies, and to distribute them on a wide scale, whether collectively or retail, through several distribution channels, without the need to underwrite every sold policy to the customers. 1.4.3 Directing the committee to submit new suggested insurance product (Insurance packages) for Small and Medium Enterprises in cooperation with the specialized technical committees of Insurance Federation of Egypt. 1.4.4 Directing the committee to study the models of microinsurance products distribution and to focus on distribution, management of collection processes and electronic payment of compensation in order to easily reach the segments who do not have access to insurance services. 1.4.5 The AUP strategy also includes "access to informal employment" through micro, small and medium insurance policies. The Insurance Federation of Egypt is now studying a range of partnerships and cooperation protocols to reach these different segments in many different ways. 1.5 The Agricultural Insurance Committee: and the activation of its plan to provide various agricultural insurance products through cooperation with technical committees and with Microinsurance Committee in order to provide coverage to low-income people who do not have access to insurance services. 1.6 Completion of the work related to the establishment of Natural Catastrophes Insurance Pool, which will work on covering the insurance gap in many areas and populations who do not have insurance coverage for the risks they are facing due to the events of natural catastrophes. Therefore, this pool will be part of IFE’s AUP strategy AUP and will have a great impact on the sustainability of the Egyptian economy. 2- Mutual Cooperation with Financial Regulatory Authority:
There is no doubt that the Financial Regulatory Authority undertakes many special procedures in this period, including amendments of the laws and decisions of its supervisory and
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regulatory services on the non-financial services sector, which will certainly have an impact on the Egyptian insurance sector. These procedures “opportunities” include: - Obligatory insurance policies for the customers of microfinance. - A draft law for amending some provisions of Law No. 141 of 2014, regulating the activity of medium, small enterprises finance and microfinance, an integrated legal regulation, which will have an impact on reaching the targeted segments of SME sector and providing mandatory and optional insurance services of all kinds along with the data that will be provided by the financing authorities which will have an impact on pricing and anticipating demand from this market. - Compulsory types of insurance that are expected to be issued under the Unified Insurance Act. - Establishment of the Compulsory Motor Insurance Pool: Since we are talking about insurance inclusion, we cannot overlook the decree of the establishment of the Compulsory Motor Insurance Pool, which manages this line of insurance solely on behalf of its members from all insurance companies and the Cooperative Insurance society who have the license to issue compulsory Motor insurance and liability insurance in Egypt. It is expected that this Pool will cover the gap between real coverages and frauds (not covered) that the market was facing. In addition to clearing the compulsory Motor insurance portfolio and meet customer expectations. The Financial Regulatory Authority “FRA” issued regulations for the electronic premiums collection of compulsory Motor insurance policies to legalize the mechanism of the electronic collection. This is contributing in strengthening the activity of this business, in addition to eliminating the cases of fraud and forgery witnessed in this activity. Insurance Federation of Egypt considers this as one of the marketing opportunities that the electronic issuance system of Motor insurance policies can provide, and the possibility of marketing many standard insurance policies through its applications.
3- Signing cooperation protocols and partnerships at the local and global level:
3.1 Signing cooperation protocols and partnerships at the local level: 3.1.1 Signing a cooperative protocol between the Insurance Federation of Egypt and Federation of Egyptian Industries, aims at: • Coordination and cooperation through developing executive plans and programs in order to give technical support to face any challenges that hinder the work of the industrial and insurance sectors.
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• Directing the joint action plan between the insurance and industrial sectors towards local and regional sustainable development and how to achieve its goals. • Supporting the micro- and small projects and the informal sectors: The two parties are working on activating the initiative of Mr. Abdel Fattah El-Sisi- The President- by increasing the effectiveness of micro and small enterprises and the informal sector and activating the relationship between the two Federations in this field in order to achieve sustainable development and to reach to the sectors that are not covered by the services of the industrial and insurance sectors through partnerships between the two federations and various related entities. • The Federation of Egyptian Industries publishes newsletters, bulletins, reports, technical recommendations and new insurance coverages provided by the Insurance Federation of Egypt, and send them to the members of the Federation of Egyptian Industries (more than 62,000), in order to reduce the risks that these establishments or their workers may face. • Develop a joint action plan that includes training courses and technical workshops for all the establishments of the Federation of Industries, which include not only technical skills but also insurance awareness for employees and workers of different jobs and positions. 3.1.2 Signing a protocol of cooperation between Insurance Federation of Egypt and Egypt Post, aiming at: Providing appropriate insurance coverage for low-income people as well as for micro, small and medium enterprises, which is one of the most important elements of achieving sustainable development, supporting and strengthening the financial inclusion program and reducing poverty in segments of the society facing financial challenges, by providing the right and suitable insurance product which ensures that they are protected from risks and enhances their ability to continue and face crises and reach the segments who do not have access to insurance services. 3.1.3 Study the ways of cooperation between Insurance Federation of Egypt and American Chamber of Commerce and the possibility of signing a protocol of understanding between the two entities: Insurance Federation of Egypt exerts efforts to achieve its strategy to reach all segments who do not have access to insurance services. However, this does not mean that IFE is concentrating on low income segments only, but the strategy includes also the major industrial and economic sectors that still face a range of risks that are not insured or covered by insurance. There is no doubt that the major economic and industrial entities are members of American Chamber of Commerce, which will be a good opportunity for Insurance Federation of Egypt to communicate with these entities officially through a series
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of seminars and events that will analyze the risks to which these entities are exposed and classify the insured and uninsured and then spread insurance awareness of the importance of covering uninsured risks. Insurance Federation of Egypt believes that this will not only happen by joining the American Chamber of Commerce, but will be through the preparation of a protocol of cooperation or a memorandum of understanding between the two parties aimed at achieving IFE’s strategies in addition to emphasizing the exchange of benefits, experiences and knowledge between the two sides. 3.1.4 Studying the methods of cooperation between the Insurance Federation of Egypt and the Egyptian Tourism Federation with the aim of: Working on signing a protocol of cooperation between the Egyptian insurance sector and the tourism sector in order to support and achieve the general interest of the Egyptian tourism and insurance sectors by which our national economy will be benefited from and to provide insurance coverage that meets the real demand of the tourism sector and to reach the segments who do not have access to insurance services. 3.2 Activating the cooperation protocols signed with the Arab Insurance and Reinsurance Federations. Forming “a Regional and International Relations Committee" at Insurance Federation of Egypt: The Head of this Committee is the Chairman of IFE and the members of this Committee will be some of IFE’s employees who are responsible for this matter, and responsible for developing the strategy and activating the signed protocols. The work of the committee will be as follows: - Develop the suggested cooperation strategy based on the outlines of the signed protocol or to update this protocol in line with current events. - Present the strategy to IFE’s Board of Directors and those who are responsible for the follow-up on the signed protocol. - Follow-up on the amendments of the suggested strategies to reach the final version that suits Insurance Federation of Egypt and the Egyptian insurance market. - Conduct correspondence regarding these strategies and arrange meetings (Physical-Online) to discuss all topics related to these protocols. - Designing executive programs related to the strategies approved by the two signatories of the Protocol and develop an action plan and a time frame for implementation. - Follow-up on developing and managing relations with the Federations with which the protocols were signed. - Preparing and presenting reports on work of this committee to the Board of Directors of Insurance Federation of Egypt.
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Representatives of IFE’s Board of Directors in the Supreme Cooperation Protocol Committee* Mr. Adel Fatoury Emirates Insurance Managing Director- Wethaq Ins. Co. Association Mr. Ramah Asaad Managing Director- Egyptian Takaful Life Insurance Mr. Mohamed Mahran Federation Tunisienne des Managing Director/Allianz Egypt Insurance Company – Societe D’Assurances Dr. Ahmed Abdel Aziz Chairman of Misr Life Ins. Co. Dr. Saeed Jabr Federation Morocaine Des IFE Vice Chairman & Managing Director of Suez Canal Life Ins. Societe Co. D’Assurances Et De Mr. Ahmed Arfeen Reassurance Managing Director/ Egyptian Takaful Ins Co. Mr. Alaa El-Zohairy IFE Chairman & managing Director of gig Ins. Co. Jordan Insurance Federation Mr. Saeed El-Alfy Chairman/ Delta Life Assurance Company National Insurance Company Members are not determined / Public Company in Iraq *According to Board of Directors meeting No. 444, 3rd March, 2020
3.3 Propose new cooperation protocols between the federations and the regulators of the insurance and reinsurance industry at the global and regional level and heading strongly towards Africa
- Studying the current situation for the membership of Insurance Federation of Egypt for the regional insurance and reinsurance Federations with the aim of evaluating them and signing memoranda of understanding for greater activation of this membership in accordance with the current situation and the need to come up with added values that benefit the Egyptian insurance market. - Submitting various suggestions regarding the signing of the cooperation protocols with some new regional federations and regulators. - Focusing on Africa to take advantage of its experience in the distribution channels of microinsurance and agricultural insurance that are characterized by innovation and development in order to reach to the segments who do not have access to insurance services.
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3.4 Cooperation between Insurance Federation of Egypt and international cooperation organizations There is no doubt that if we have the desire to achieve real insurance inclusion and focus on low-income segments and support micro, small and medium enterprises, there must be mutual cooperation with international cooperation organizations because of their global experience in these areas in addition to the development role which they are playing in the Arab Republic of Egypt. Thus, IFE will focus on activating its insurance inclusion strategy on completing the cooperation or developing a new cooperation with these entities. Among those entities with which IFE is seeking to activate a real partnership in its action plan for fiscal year 2020/2021: - German Corporation for International Cooperation (GIZ) - Japan International Cooperation Agency (JICA) - Microinsurance Network This is in addition to the possibility of cooperation with U.S. Aid in Egypt particularly in the fields of agriculture. 3.5 Continuing the cooperation between Insurance Federation of Egypt and the major international insurance & reinsurance brokerage companies: Insurance Federation of Egypt is now studying a set of technical support programs from major international companies and is looking for new partnerships to support its strategy of reaching to the segments who do not have access to insurance services.
4- On the internal level: Developing human capital in Insurance Federation of Egypt (IFE) and enhancing experiences:
4.1 Providing training programs to IFE’s employees on the internal level, through the management of IFE, the heads of technical committees, and volunteer experts from outside IFE. 4.2 Providing training programs and attending conferences (Physical-Online) outside IFE for the employees of Insurance Federation of Egypt, in order to enhance their experience and developing their skills and to learn about all the trend in the fields of insurance coverages in addition to advanced and new distribution methods. 4.3 Providing support to employees of IFE to complete their postgraduate studies (diplomas - master's and doctorates) in order to develop their scientific skills. 4.4 Developing the practical skills of IFE’s employees by attending senior management meetings, participating in the work of technical committees, developing action plans and executive programs in addition to managing conferences, seminars and events organized by Insurance Federation of Egypt.
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5- Holding training programs, conferences and seminars that aim at supporting the Insurance Federation of Egypt’s strategy and achieving its desired goals:
This will be done carefully with taking into account the precautionary procedures and decisions of the State and in order to ensure everyone safety, in addition to the usage of the technology and programs of online seminars and conferences through many applications and programs such as Webinar.
Second: The strategy of the Egyptian Insurance Federation: “Applying the principles of sustainability and the transition to sustainable insurance.”
1- The action plan of the technical committees (Sustainable Insurance Committee) of Insurance Federation of Egypt:
1.1 Preparing a general guide (manual) for sustainable insurance and providing it to Egyptian insurance companies to raise the awareness of the general principles of sustainable insurance. 1.2 Cooperation with IFE’s technical committees to include the principles of sustainable insurance in all lines of insurance and how to apply them within the insurance value chain (product design and management - underwriting - distribution and marketing - customer service - compensation management). 1.3 Studying the challenges of applying the principles of sustainability with IFE’s technical Committees and presenting reports on the suggested solutions from the Egyptian insurance market’s point of view (how to manage natural risks - climate change - access to all segments of society and affordability of insurance). 1.4 Raising awareness of the principles of sustainability in the internal working environment of insurance companies through seminars and workshops.
2- Mutual Cooperation with Financial Regulatory Authority:
2.1 Cooperation with Financial Regulatory Authority (Sustainable Insurance Roadmap Committee) to develop a sustainable insurance strategy in the Egyptian insurance market: 2.1.1 Developing the general strategy of sustainable insurance in the Egyptian insurance market.
2.1.2 Developing an operational plan for the strategy.
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2.1.3 Raising the awareness for insurance companies by providing information on application and supervision. 2.2 Cooperation with Financial Regulatory Authority in studying the legislations and decisions that will activate the principles of sustainable insurance in the Arab Republic of Egypt (the Road Map Committee for Sustainable Insurance) while studying the most important challenges that can be faced during the actual application and trying to overcome these challenges while cooperating with Financial Regulatory Authority in designing a package of incentives to encourage companies to apply the principles of sustainable insurance.
3- Cooperative Protocols and Partnerships at the local and regional levels:
3.1 Cooperation between the Insurance Federation of Egypt and leading organizations on the local and regional level: Issuing memoranda of understanding and cooperation protocols with major leading organizations in the application of sustainability principles to the internal working environment and sustainable insurance principles with the aim of providing preliminary programs to explain everything related to these principles in the Egyptian market. Trying to negotiate on providing greater services for insurance companies that are members of Insurance Federation of Egypt at a lower cost for companies aiming at obtaining additional services from these entities, especially in the actual application and measurement. 3.2 Cooperation between Insurance Federation of Egypt and the major leading global reinsurance companies in the field of sustainable insurance: Insurance Federation of Egypt believes that the principles of sustainable insurance will be imposed on Egyptian insurance market sooner or later, either legislatively or through the insurance providers dealing with Egyptian companies. The experience of global reinsurers in accepting business that comply with sustainable insurance principles or the rejection of others that do not apply the sustainability standards is important experience which we won’t be able to obtain except from these partners.
4- (On the internal level) Developing human capital in Insurance Federation of Egypt and enhancing experiences
4.1 Raising awareness of the principles of sustainability in the internal work environment through seminars and workshops. 4.2 Choose the Sustainability Coordinator of IFE:
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4.2.1 Developing a sustainability strategy for the Insurance Federation of Egypt at the institutional level: 4.2.2 Maintaining the environmental dimension of IFE (green environment - developing a plan for good governance and preserving IFE’s resources and the mechanisms for its application in terms of water and energy consumption and reducing the use of paper ... etc.). 4.2.3 Human capital (equality and equal opportunity - motivation and reward - support for equal opportunities - creating a decent work environment - fair rules for financial and moral honoring - rotating workers among technical committees / among departments). 4.2.4 Preparing an integrated and fair organizational structure taking into account current situations and future prospects. 4.2.5 Being concerned of occupational health and safety. 4.2.6 Preparing an annual sustainability report for Insurance Federation of Egypt.
5- Holding training programs, conferences and seminars that aim at supporting Insurance Federation of Egypt’s strategy and achieving its desired goals:
Organizing seminars and workshops to raise the awareness of the principles of sustainable insurance in cooperation with the Sustainability Unit of the Financial Regulatory Authority, global insurance and reinsurance companies, and specialized international organizations and institutions to be provided to Egyptian insurance companies, insurance brokers, industries federations, chambers of commerce and other entities representing the clients of insurance companies.
Third: The Insurance Federation of Egypt strategy: Digital transformation and Information Technology Strategy
1- On the internal level of Insurance Federation of Egypt:
1.1 Developing the infrastructure and purchasing assets that are necessary to hold the online meetings of the board of directors, the general assembly and technical committees through e-conference applications. 1.1.1 Purchasing the software and equipment needed for it. 1.1.2 Purchasing screens and establishing networks in t IFE’s meeting rooms for meetings and events (Physical/ Online).
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1.2 Developing the infrastructure and purchase the necessary assets for seminars, training programs and conferences via e-conference and WEBINAR applications. 1.3 Reducing the use of the paper documentary cycle as much as possible and replace it with the Documents Management System-DMS program. 1.4 Developing Insurance Federation of Egypt’s website. 1.5 Provide the necessary resources and technologies for employees to perform their tasks from home “Working from home” .
2- On the level of the Egyptian insurance market:
2.1 Preparing a strategy for the electronic issuance for the Egyptian insurance market through all technical committees of Insurance Federation of Egypt and the regional and local experiences, including the following: • Products. • Mechanism for implementing work and regulations. • The decisions and regulatory amendments required to activate this strategy. 2.2 Providing innovative solutions for distribution, collection and payment of compensation electronically through different applications in order to develop the market and help it in the digital transformation process and to reach new customers.
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The contributions of Insurance Federation of Egypt in Spreading insurance awareness and achieving the sustainable development goals SDGs. Insurance Federation of Egypt has set an ambitious plan to spread insurance awareness and contribute to the sustainable development in the society through a set of activities accompanied by awareness campaigns. During the year 2019, Insurance Federation of Egypt has carried out many activities in these areas, namely:
“Stop Texting … Save a life” initiative Governments all over the world are intensifying their efforts in the field of road safety in order to fulfill their commitments made in the sustainable development agenda 2030, and the deaths due to road accidents, which is the sixth element in the third goal of the sustainable development goals, is undoubtedly one of the issues that concern Everyone globally, regionally and locally. According to the Global Road Safety Report issued in 2018, road traffic injuries are the eighth largest cause of death and are the leading cause of death for children between 5 and 14 years old and adults between 15 and 29 years old. The world faces every 24 seconds Death due to road accidents. Arab Republic of Egypt is not far from that, according to the figures officially reported, we are facing about 22 deaths every day in Egypt due to road accidents, while the World Health Organization estimates the deaths from road traffic accidents in Arab Republic of Egypt for the year 2016 to 9,287 cases annually. In light of the social responsibility of Insurance Federation of Egypt and its companies towards society, and the aim of Insurance Federation of Egypt to be part of achieving the sustainable development goals that reduce the death rate due to road traffic accidents. As part of insurance companies efforts in contributing to reducing the risks facing individuals, property and society, Insurance Federation of Egypt believed that it should have an important and influential role in reducing accidents on the roads not only through various insurance policies and different coverages but also by spreading awareness By presenting a set of different initiatives with main objective of "Insuring road safety” and accordingly the idea of “ Stop texting and Save a life“ initiative has come up . The initiative has been approved by the Board of Directors of Insurance Federation of Egypt on April 7, 2019 under the auspices of the Ministry of Youth and Sports and the Financial Regulatory Authority.
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The initiative focuses on raising awareness of the consequences of using mobile phones while driving to send messages or make a phone call which increase or cause accidents, as smart phones cause 1.6 million car accidents annually around the world, resulting in injuring half a million people (deaths and injuries). The initiative was launched through a press conference at the Civil Education Center in El Gizera. The conference was attended by H.E.Dr. Ashraf Sobhi, Minister of Youth and Sports and Dr. Mohamed Omran, President of the Financial Regulatory Authority and Mr. Alaa El-Zoheiry, President of the Insurance Federation of Egypt. Also, the Chairmen, MDs and Board of Directors from insurance companies and a group of media. The initiative included the following activities:
1. IFE’s Marathon “Stop Texting … Save a Life”
Under the auspices of the Ministry of Youth and Sports and the Financial Regulatory Authority, the second marathon "Insurance for a Better Life" was held in El-Gezira Youth Club on 3rd May 2019 under the slogan "Stop Texting ... Save a Life”. With a participation of 1700 participants (males, Females and Children), in addition to a group of 800 professional athlete and about 50 participants with motorcycles and bicycles.
2. Launching a campaign on social media and TV channel “Stop Texting … Save a life”:
Insurance Federation of Egypt has launched a large awareness campaign on social media and on the most listening radio stations about the danger of using mobile phones while driving
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under the slogan "Stop Texting... Save a Life”. It’s worth noting that the campaign achieved very large number of views with a positive impact on society.
Access the unserved population with the social media campaign “Insure before it happens” 2019. In light of the high views of the advertising campaigns and community initiatives on social media, Insurance Federation of Egypt has reintroduced its advertising campaign " Insure before it happens", but this time on social media sites that aiming to spread insurance awareness among citizens about the importance of insurance in encountering the risks that They could be exposed to, and the main focus of this campaign was on micro insurance. Undoubtedly, all of these activities had a positive impact on setting a positive mental image of the role of the Egyptian insurance sector in supporting the Egyptian society and its participation in facing risks and reducing the effects of these risks.
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IFE honors the top graduates of Technical Diplomas Monday, February 20, 2019 A grand ceremony was organized by the Federation to honor the top first graduates of the technical diploma schools ("Insurance Department") on Monday, 20th February, 2019 at the Federation's headquarters. This honoring came within the positive role played by the Federation to encourage graduates and give them an opportunity to have training in insurance companies, in order to create a new generation that will be able to promote the insurance industry in the Egyptian market.
Seminar of Group Life Assurance Committee Under the theme of “Marketing of Group Life Insurance” Sunday, March 3, 2019 IFE has organized a Seminar of Group Life Insurance Committee under the theme of "Marketing of Group Life Insurance ", on the 10th of March, 2019 at the Federation’s headquarters. The seminar was headed by Dr. Saeed Gabr, Vice Chairman of the Federation’s Board of Directors and Managing Director of Suez Canal Life Insurance Company, and was attended by more than 80 participants from insurance companies, insurance brokers and media. This seminar came as a part of the Egyptian Insurance Federation's strategy in the field of cooperation and exchange of experience within the Egyptian insurance sector and to provide all that is new in all areas related to the insurance industry in order to raise the level of the insurance industry. The seminar discussed the topic of the marketing of Group Life Insurance and its importance as well as the insurance awareness and the most important obstacles and the elements on which the calculation of the premium for group life insurance is based on.
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Marine/Hull Committee Seminar Under the Theme of “Registration &Classification Certificates, and the Requirements of ISM Code” Sunday, March 17, 2019 On Sunday, March 17, 2019, the Insurance Federation of Egypt has organized a seminar of the Marine Hull Committee under the theme of "Registration and Classification Certificates as well as ISM Code Requirements", chaired by Mr. Hussein Atallah, Chairman of Misr Insurance Company, in the presence of Mr. Nazmi Hussein, president of the Committee, Dr. Engineer/Majid Abdul Nabi, Professor of Marine Engineering, Inspection Expert, and the presence of more than 90 participants from insurance specialists, insurance companies, brokers and media.
An Honoring Ceremony for the Pioneer Women in Insurance Sector Sunday, March 26, 2019 IFE has organized a ceremony for honouring the pioneer women of the insurance sector. The ceremony was held on 26th March 2019 at Pyramisa Hotel and in the presence of the Chairman of the Insurance Federation of Egypt and the leaders of the Egyptian insurance market. The ceremony was also attended by Consoler. Omar Hassan representing the Minister of Social Solidarity and Dr. Basant Fahmy member of the Economic Affairs Committee at the Parliament. Mr. Alaa El-Zoheiry, Chairman of the Federation, showed in his speech that the aim of this celebration was to honour the distinguished insurance women, who contributed through a long journey of hard work, creativity and development in raising the standard of the insurance industry in Egypt. He also emphasized that women have a vital role in the development of
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Egyptian society, and this period is witnessing the active and growing participation of women in all development efforts and programs within the State plan to achieve comprehensive development in all sectors. He referred that the State has developed an integrated strategy for the empowerment of women within the framework of Egypt 2030, through the effective and sustainable mechanisms that ensure their full implementation of their goals.
Shaping the Sustainable Insurance Agenda in Egypt Wednesday, April 10, 2019 The Financial Regulatory Authority “FRA" and IFE had co- hosted in cooperation with UN Environment’s Principles for Sustainable Insurance Initiative; a seminar on the Principles for Sustainable Insurance (PSI) and the Shaping of the Sustainable Insurance Agenda in Egypt. The Seminar was held at Conrad Nile Hotel in Cairo- Egypt on the 10th of April, 2019, and it was attended by the concerned parties in the Egyptian market. The event is the first of its kind in the Middle East and North Africa and it aimed at shaping the sustainable insurance agenda in Egypt and in the region. The seminar was opened by Dr. Mohamed Omran, chairman of FRA, who expressed his pride due to the fact that the insurance sector has started to implement the sustainable development. He also added that the insurance sector is an important sector that will have a significant role in shaping the sustainable insurance agenda in Egypt and identifying the environmental problems and how to deal with them. These problems include (climate change, corporate social responsibility and corporate governance). Besides, he mentioned that FRA has become a member of the UN Global Compact since last year 2018. He announced that the Authority on the second day of this seminar (April 11, 2019) will hold a meeting to discuss the first report prepared by FRA on Sustainable development. Dr. Omran emphasized that the insurance companies have to fully understand the impact of sustainable development on insurance companies, and that the difficulty or the challenge lies on how to implement sustainable development and achieve its 17 goals. The burden of implementing sustainable development therefore, falls heavily on insurance companies. He added that the Egyptian insurance market is dominated by private companies, thus, the burden
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of applying sustainable development falls heavily on private sector companies. The Authority is responsible for the enactment of laws and regulating the insurance market, while insurance companies are responsible for initiating the implementation of sustainable development. Then, Dr. Saeed Gabr, Vice Chairman of IFE, spoke about the environmental and social challenges, and the challenges of increasing governance facing the world. He stressed that the insurance sector has to identify the set of risk factors facing the sector in managing its business. He emphasized that these issues increasingly affect traditional risk factors and can have a significant impact on the integrity of the industry. He added that sustainable insurance was a strategic approach that included all activities in the insurance value chain, and noted that the Egyptian insurance sector had some notable initiatives on sustainability issues such as financial integration, microinsurance, increased insurance awareness, disaster resistance, adaptation to climate change and mitigating its effects. Dr. Mohamed Omran suggested that a sustainable development committee should be formed by IFE with the help of the Authority and said that companies should be prepared to implement sustainable development before the authority enacts the laws governing it. He also pointed out that FRA is in the final stage of the issuance of the new insurance law, which will be a guide upon which insurance companies could depend, in addition to its contribution in improving the work environment in the insurance sector and increasing the contribution of the insurance sector to the gross national product. Mr. Butch Bacani , program leader, UNEP Sustainable Insurance Principles Initiative, gave a presentation on sustainable development which he began by talking about the reason for choosing the insurance sector to apply sustainable development, and that is because of the triple role of Insurance (Risk Carrier – Risk Manager – The investor) This initiative is not only to cover the threat of climate change but also to face the major environmental problems and how we can increase the contribution of the insurance sector to sustainable development. He spoke about the definition of sustainable development and that it manages risks in a better way, enhances performance and contribute to economic, social and environmental sustainability. Mr. Bacani spoke about the four principles of sustainable development: • Principle 1: We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.
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• Principle 2: We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions. • Principle 3: We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues. • Principle 4: We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles. He spoke about the experiences of several international companies in the application of sustainable insurance, including Swiss Re, the first company that implemented a system of sustainable development and was followed by Munich Re and Allianz. He also presented one of the important initiatives, ocean economy, covering illegal fishing routes in the oceans and through the initiative has been communicating with the workers in the marine insurance sector to find how to overcome illegal fishing methods, and he mentioned also to the initiative to secure heritage places In collaboration with UNESCO and the WWF World Wildlife Fund. Ms. Sina Habbos, advisor to the chairman of FRA for Sustainable Development and Head of the Department of Sustainable Development, said that in order to cope with the world we will need the insurance sector to start in the implementation of sustainable development, where new insurance products must be issued with the principle of sustainable insurance. She added that the authority will support the Egyptian insurance market and raise its awareness of sustainability, noting that Dr. Mohamed Omran has established a unit for sustainable development in FRA, and the first report on sustainability has been published, so that sustainable development can be understood by companies which will help them to start to implement sustainable development.
Seminar of Fire Insurance Committee Under the theme of “Risk Management and Its Impact on Fire Insurance Results” Tuesday, April 23, 2019 On Tuesday, 23rd of April, 2019, the Insurance Federation of Egypt has organized a seminar of the Fire Insurance Committee under the theme "Risk Management and its effects on the results of fire insurance", headed by Mr. Anwar Zekry, Managing Director of the Egyptian Cooperative Insurance Society. It was presented by Mr. Essam Mansour, Chairman of Fire Insurance Committee and Assistant of the Chairman of Misr Insurance Company, and Mr. Walid Sayed Mustafa, Vice Chairman of the Committee and Senior Executive Vice chairman of Orient Insurance company. The Seminar was attended by more than 90 participants from the specialists of fire insurance in insurance companies, insurance brokers and media.
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The seminar began with a brief presentation of the committee's most important achievements during 2017/2018, and then moved on to the theme of the seminar "Risk Management and its impact on the results of fire insurance", which addressed the following points: • Risk management and its importance. • Risk assessment at the time of underwriting. • Moral Hazard. • Factors to consider, whether when applying for insurance or inspection, that help to avoid some of the effects of moral hazard. • Controls used to reduce risk. • Losses of insurance companies resulting from fire accidents during the recent period and the negative impact on the Egyptian economy. • The basis for the compensation settlement. • Compensation procedures and required documents. • The basis for estimating the losses of buildings, machinery and goods. The seminar was concluded with the following recommendations: Emphasizing on the need that Fire underwriters should stick to a set of controls regarding fair pricing and the importance of proper technical inspection of risks with the application of sound technical underwriting grounds, including but not limited to ensuring the provision of prevention methods for insured property and identifying the major strategic risks required to study the sources of risk and assess their means of prevention and the appropriateness and adequacy, and coordination with investor associations, civil defense agencies and licensing agencies to oblige companies and factories to provide fire prevention and control.
Honoring Mr. Abdel-Khaleq Raouf Former General Secretary of the General Arab Insurance Federation Tuesday, June 25, 2019 In a joyful domestic party, the Insurance Federation of Egypt headed by Mr. Alaa El-Zoheiry, Chairman of the Federation, held a ceremony for honoring Mr. Abdel-Khaleq Raouf, General Secretary of the General Arab Insurance Federation, on the occasion of the end of his work trip in the Arab General Insurance Federation, on Tuesday , June 25,2019 at Marriott Hotel Zamalek.
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The ceremony was attended by Counselor Reda Abdel Moaty, Vice-Chairman of the Financial Regulatory Authority, Mr. Chakib Abouzaid, the new General Secretary of the Arab General Insurance Federation, a group of chairmen and managing directors of insurance companies and brokerage firms, a group of the insurance industry leaders in Egypt, the Current and former employees of the General Arab Insurance Federation, and the Egyptian Insurance Federation employees. At the beginning of the ceremony, Mr. Alaa El- Zoheiry, on behalf of himself and on behalf of all the members of the Board of Directors of the Insurance Federation of Egypt, expressed his sincere thanks and appreciation to Mr. Abdel- Khaleq Raouf for the serious and effective efforts that he exerted during his work in the Arab Federation (from January 1999 to June 2019). Mr. Abdel-Khaleq Raouf also gave a speech of thanks to the attendees and a special thanks to the Insurance Federation of Egypt for the warm and generous hosting and for this distinguished honoring ceremony, and he concluded his speech by wishing all the best for all the insurance companies and brokerage firms operating in the Egyptian market. At the end of the ceremony, Mr. Alaa El-Zoheiry gave a symbolic gift to Mr. Abdel-Khaleq Raouf. Some of the heads of the insurance companies gave gifts to Mr. Abdel-Khaleq Raouf as well.
Seminar on Natural Catastrophes in cooperation with CCR Under the theme “The French Solution for NAT CAT” Wednesday, July 17, 2019 As a part of the efforts exerted by the Insurance Federation of Egypt in order to support the insurance industry in order to improve this industry and achieve the desired progress in the Egyptian insurance market, the Federation has organized a seminar in cooperation with the French company CCR , in the presence of a number of leaders and employees in the Egyptian insurance market. The Seminar was held at the Four Seasons Hotel on Wednesday, 17th July, 2019, under the theme: “The French Solution for NAT CAT”. The Seminar’s opening speech was given by Mr. Alaa El-Zoheiry, Chairman of the Federation, who welcomed the representatives of CCR and clarified the importance of this seminar, which dealt with the NAT CAT issue, which is
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one of the highest risks in the world in terms of the probability of occurrence or in terms of its impact. Then, Mr. Bertrand Labilloy, Chairman and CEO of CCR gave a presentation on the strategy mechanism adopted by France in order to address natural catastrophes. He began his presentation by giving an overview of natural catastrophes in general as follows: • Natural catastrophes can cause massive losses, such as: - Loss of life. - Property losses. - Losses as a result of business interruptions and loss of income for the owners damaged property as a result of catastrophes. • Reinsurance companies pay the necessary compensation for these losses; however, other alternatives have emerged that can be used to reduce the impact of these catastrophes instead of waiting for the loss to occur and then requesting compensation from the reinsurance companies. Among the most important of these alternatives is to try to avoid or mitigate the impact of these catastrophes by obtaining data and statistics that can help in determining the kind of the catastrophe that a region may be exposed to during a specific period in the future. Then, he started to present the French Scheme in dealing with NAT CAT as follows: • France is exposed to many natural hazards that can cause losses, such as: - Storms. - Tsunamis. - Mudslides. - Avalanches. - Earthquakes. - Cyclonic winds. - Landslides. • There are natural hazards that do not need the State interference in order to face its impact, such as storms, snow and frost. While natural hazards such as desertification (drought) or floods, especially those that lead to sinking of agricultural crops, require state intervention to avoid or attempt to mitigate the impact that these hazards will cause.
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• A reinsurance scheme for NAT CAT has been prepared through the cooperation of several entities, including a representative of the French State, a representative of the private sector and CCR. • Through this scheme, CCR has collaborated with several research, technology and statistical entities in order to obtain the required data and statistics on climate and current and expected climate changes until 2050, which may result in natural catastrophes. Then, the company has begun to develop strategies through which catastrophes can be avoided or minimized. • CCR suggested that in order to implement precautionary measures to deal with natural catastrophes, 12% of the 18% increase could be imposed on the insurance premium. That increase would be directed to implement such measures as building dams or evacuating residential areas, resettling citizens in other areas and other measures that require the cooperation of the State and its intervention in order to implement them optimally. At the end of the seminar, Mr. Alaa El-Zoheiry and Mr. Bertrand Labilloy, Chairman and CEO of CCR, exchange mutual honoring, and then Mr. Alaa El-Zoheiry on behalf of the Egyptian market thanked CCR for sharing the knowledge, the efforts and achievements implemented in the field of natural hazards.
The Insurance Federation of Egypt Honors Insurance leaders in the Egyptian market Monday, July 29, 2019 The Insurance Federation of Egypt, headed by Mr. Alaa El- Zoheiry, Chairman of the Federation, held a ceremony honoring some of the former chairmen and managing directors of insurance companies in the Egyptian market. The ceremony was held at Marriott Hotel, Zamalek on Monday, 29th July, 2019, in order to honor those figures who have contributed over the past years in the success of Insurance Federation and the Egyptian insurance market through their representation in the various organs of the Federation, as members of the General Assembly, the Board of Directors, or executive councils, and the honoring includes: • Honoring the name of the late Mohammed Abdullah, Managing Director of Suez Canal Insurance Company.
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• Mr. Abdel Raouf Kotb, former Managing Director of The Egyptian Saudi Insurance House, and former Chairman of the Insurance Federation of Egypt. • Mr. Hussein Atallah, former Chairman and Managing Director of Misr Insurance company. • Mr. Bashar Al-Halabi, Former Managing Director of Arope Insurance company. • Abeer Helmi, Former Managing Director of Bupa Insurance company. The ceremony was attended by Counselor/Reda Abdel Moaty, Vice-Chairman of the Financial Regulatory Authority and Dr. Adel Monir, General Secretary of the Afro-Asian Federation for Insurance and Reinsurance and Mr. Abdel Khaleq Raouf, former General Secretary of the Arab General Insurance Federation and Mr. Adham Al-Muzain, Managing Director of Hanover Re Bahrain and a group of heads of insurance companies and brokerage firms and a group of the insurance industry leaders in Egypt. At the beginning of the ceremony, Mr. Alaa El-Zoheiry, on behalf of himself and on behalf of all the members of the Board of Directors of the Insurance Federation of Egypt, expressed his sincere thanks and appreciation to honored figures, Mr. Alaa El-Zoheiry gave them a symbolic gift with the Federations Logo. Counselor Reda Abdel Moaty delivered greeting speech to the honored figures and conveyed to them the greetings of Dr. Mohamed Omran, Chairman of the Financial Regulatory Authority. Then the honorees also gave speeches that expressed their gratitude and appreciation for the members of the board of directors of the Federation and they gave special thanks to the Insurance Federation of Egypt for the hospitality and the generosity of hosting and for this special honor, wishing more success to all insurance companies and brokerage firms operating in the Egyptian market.
Seminar on Natural Catastrophes and Agriculture Hazards in cooperation with United Insurance Brokers (UIB) Wednesday, August 28, 2019 The Insurance Federation of Egypt has organized a seminar on natural catastrophes and Agriculture Hazards at the Federation's headquarters on Wednesday, 28th August 2019. The seminar was attended by a number of leaders of the Egyptian insurance market in cooperation with UIB of London and in the presence of Mr. Mohamed Kotb, Managing Director and Regional Director for the Middle East, Mr. Shams Eddin Qassili, Director of Reinsurance Agreements in the Arab Region, and Mr. Downey James, The Company's Chief Actuary. The seminar was opened by Mr. Adel Fatory, Member of the Federation’s Board of Directors and Managing Director of Wethaq Takaful Insurance Company, and it was attended by more than 80 participants from the chairmen of insurance companies, specialized employees in insurance companies, and media representatives.
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In his opening speech, Mr. Adel Fatory stressed that the Insurance Federation of Egypt has been keen over the years to raise the level of the insurance industry and develop the insurance culture by holding specialized seminars at the Federation with the aim of learning about the global developments in the various fields of insurance, including natural hazards insurance. He also pointed out that the increased exposure to natural hazards in the recent period, especially floods, has made it important to establish an insurance pool for natural hazards. He added that there is already a committee at the Federation that has been formed to study the establishment of a natural hazards pool for the Egyptian market that will provide insurance protection and coverage for properties and projects that are exposed to these risks. The seminar discussed the insurance coverage of natural catastrophes and other markets experiences in establishing mandatory pools to cover natural hazards such as France, Algeria, Turkey and Morocco. Established in 1983, the Natural Hazards Pool in France is the oldest in terms of origin. It is a compulsory pool on all fire and engineering insurance policies and covers many natural hazards, including earthquake coverage, flash floods and floods. At the end of the seminar, there was an emphasis on the importance of concerted efforts between insurance companies and the government in order to face these risks by activating the establishment of a natural hazards pool in the Egyptian market in a compulsory way to support the national economy by increasing the capacity of the Egyptian insurance market and its ability to take risks and provide appropriate reinsurance programs in foreign markets.
Seminar of Personal Life Assurance& Actuarial Experience Committee Under the theme “Excel Best Practice” Wednesday, September 25, 2019 On Wednesday, 25th of September 2019, the Insurance Federation of Egypt has organized a seminar for Personal Life Assurance& Actuarial Experience committee, under the theme "Excel Best Practice". The seminar was headed by Dr. Saeed Gabr, Vice Chairman of the Federation’s Board of Directors and Managing Director of Suez Canal Life Insurance Company, and it was presented by Dr. Abdel Fadil, Chairman of Personal Life Assurance& Actuarial Experience
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committee, and Head of the Actuarial Affairs Sector of Bupa Egypt, and Ms. Rana Badawi, Member of the Committee and Head of Actuarial Affairs, at AXA Egypt Life Insurance Company. The seminar was attended by more than 80 participants from the insurance sector employees who are working in technical and actuarial departments and the departments associated with market research, as well as employees of departments associated with financial analysis, statistical analysis and data collection, as well as a number of students from the Actuarial Department of Cairo University. The seminar discussed the topic of the advanced usages of the Excel program in the analysis of data and in the development of normal usages and uncommon usages among most users of this program. The seminar also discussed the different usages of Power Pivot, Power Query and their importance in developing the mechanism of work and accomplishing it with great accuracy where users were able to link several files and tables together, and this process could not be done by using the common equations of the excel program. These new usages and functions of Excel were also highlighted through the seminar which defined their role in the Egyptian insurance market and their importance in developing and accelerating the mechanism of working with companies and how to use such new functions for Excel that need practical practice and training to be able to be used professionally.
The Role of Private Medical Insurance Sector Under the Umbrella of the New Comprehensive Health Insurance System in Cooperation with the Egyptian Association for the Management of Healthcare Companies Monday, October 7, 2019
The Insurance Federation of Egypt has organized a seminar at the Marriott Hotel, Zamalek, on Monday, 7th of October 2019, under the theme "The role of the private insurance sector under the umbrella of the new comprehensive health insurance system", headed by Mr. Alaa El- Zoheiry, Chairman of the Federation. The seminar was presented by: • Dr. Ehab Abo Al-Magd, member of the Board of Directors of the Comprehensive Health Insurance Authority, Chairman of the Advisory Committee and spokesperson of the Authority.
• Dr. Mai Farid, Assistant of Minister of Finance for Economic Justice.
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• Dr. Mohsen George, Consultant of Comprehensive Health Insurance Authority. The seminar was attended by a number of heads of insurance companies, health care companies, employees in medical insurance and media representatives. In his opening speech, Mr. Alaa El-Zoheiry stressed that the Insurance Federation of Egypt over the years is keen to raise the level of the insurance industry and develop the insurance culture through a presentation of the most important topics and issues, which are of interest to the Egyptian insurance industry and its customers. Besides, he pointed out that the aim of this seminar is to shed light on the role of the private medical insurance sector in the new comprehensive health insurance system, which is explained by article (10) of the new law. He also added that setting the prices for service providers contributes to reducing the costs of insurance companies, and he emphasized on the continued role of the insurance sector in providing the health insurance service as usual until 2030 when the State will finish the application of the system in full, and after that the role of the sector will be complementary to the government services provided. Dr. Mai Farid, Assistant of Minister of Finance for Economic Justice, pointed out that there is a great support from the State for the new comprehensive health insurance, which depends on three axes, namely citizens' contributions and the support provided by the State to those who are unable to afford that, which is to reduce the burden of treatment expenses and contribute to the cost of health insurance and other tax resources allocated to the treatment of the health insurance system. For the first time, citizens will also be free to choose where to have their treatment services. Dr. Mohsen George, Consultant of Comprehensive Health Insurance Authority, compared the old and new comprehensive health insurance system and stressed that the new system is mandatory and will include all different segments of society according to the needs of each category, and the freedom to choose the service providers creates a positive competition in favor of the client in addition to the possibility of calculating the performance indicators of the service provider with the existence of specific pricing and the establishment of the largest financial fund of health insurance covering 100 million citizens.
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He added that there is a transition period within the next 10 years until the year 2030, during which the comprehensive health coverage of 27 governorates within the Arab Republic of Egypt will be achieved. Dr. Ehab Abo Al-Magd, confirmed that there is a restructuring of the health care system in Egypt, which includes initiatives supported by the State in the recent period such as the treatment of women, early detection of breast cancer, and treatment of patients with the Virus C, and that there are new contracts between service providers, hospitals, radiology centers and others. The seminar was concluded with a set of recommendations, the most important of which were: • The need to maintain insurance companies, whether public or private, which practice the medical insurance branch by providing them with the opportunity to contract optionally with the General Authority for Health Insurance to provide insurance coverage to certain sectors, governorates or categories of society in accordance with the terms, benefits and coverages requested by the Authority to benefit from the accumulated experiences formed by insurance companies. • The possibility of benefiting from the expertise of insurance companies that practice medical insurance in the management of the government health insurance program because of their great experience in this field that is depicted in the technical and administrative staff and computer systems available to them as well as the benefit of its distinguished and large medical network.
Seminar on Natural Catastrophes and Agricultural Hazards in cooperation with Swiss Re Monday, October 14, 2019 In light of the efforts exerted by the Insurance Federation of Egypt in order to activate and promote insurance industry in the Egyptian market, to encourage insurance companies to follow up the modern insurance coverage around the world, and also to enhance the cooperation and the coordination with other stakeholders for the benefit of the insurance market and the national economy. A seminar has been held with Swiss Re company at the headquarters of the Insurance Federation of Egypt on the 14th
October 2019, under the theme “Natural Catastrophes and Agricultural Hazards Insurance
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Pools”. The seminar was headed by Mr. Alaa El-Zoheiry, Chairman of the Insurance Federation of Egypt, and was attended by: • Mr. Hadi Riachi • Mr. Mario Wilhelm, and a number of decision makers in the Egyptian insurance market. The seminar began with Mr. Alaa El-Zoheiry, Chairman of the Insurance Federation of Egypt, welcoming speech to the representatives of Swiss Re, then he started to explain that this meeting is a part of several meetings held by the Federation in order to discuss the mechanism for the establishment of an Insurance Pool for Natural Disasters in the Egyptian market as well as an Insurance Pool of Agro Hazards. Then, Mr. Hadi Riachi, Head North Africa - Director -Europe, Middle East & Africa Swiss Re, started by giving a presentation on the concept of natural catastrophes pools in general and how it could be applied in the Egyptian insurance market. Mr. Riachi began his presentation by giving a comprehensive overview of the number of worldwide natural catastrophes and the solutions offered by insurance to deal with these catastrophes. Then he proceeded to review the situation of natural catastrophes in Egypt through giving a historical account of the natural catastrophes that Egypt suffered from since 1994 to 2016 and explained he explained the mechanism through which the natural catastrophes pool could be established and how it would operate. Mr. Hadi Riachi concluded his presentation by practical cases of the experiences of countries that have succeeded in establishing natural catastrophes pool. He reviewed the experiences of: • Turkish Nat Cat Pool. • Moroccan Nat Cat Pool. Besides, he pointed out that the Egyptian insurance market can benefit from these best practices when establishing the Egyptian Nat Cat Pool. Then, Mr. Mario Wilhelm, Head of the Middle East and Africa, Swiss Re, gave a presentation on agricultural risks insurance and its pools. He began the presentation by reviewing the size of the agricultural sector worldwide and the recent growth of agricultural insurance, then he highlighted the agricultural sectors for which reinsurance is being carried out: • Agricultural crops. • Livestock. • Forests. • Fish farms. • Agricultural greenhouses. He then reviewed the suitable types of insurance products for each agricultural sector, and then he moved to review the mechanism through which a pool could be established to cover agricultural hazards. He explained that it is possible to establish the pool through a public- private partnership and gave an example of this with the Agricultural Insurance pool of Spain. Mr. Mario William concluded his presentation by reviewing the insurance services provided by
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Swiss Re in the field of agricultural risks insurance by providing the necessary protection to farmers and insurance companies as well as using the latest technology to assess losses and damages immediately after they occur, and to monitor the mechanism of action in their insurance portfolios. At the end of the seminar the representatives of Swiss Re expressed their desire to hold more meetings with representatives of Egyptian insurance companies to discuss ways of cooperation between their esteemed company and the Egyptian insurance market under the auspices of the Insurance Federation of Egypt.
Seminar of Motor Insurance Committee, Under the theme of Main Underwriting Controls of the Motor Insurance (Risk Basis Underwriting) Sunday, December 19, 2019 The Insurance Federation of Egypt has organized a seminar for Motor Insurance Committee under the theme "The most important underwriting controls of the Motor Insurance (underwriting on the basis of risk)". The seminar was held on Sunday, 29th December 2019, and was headed by Mr. Mohamed Mustafa Abdel Rasol, Managing Director of Orient Insurance Company - Egypt and was presented by Mr. Ibrahim Labib, Chairman of the Motor Insurance Committee and Executive Director of the Egyptian Compulsory Motor Insurance pool. The seminar was attended by more than 80 participants from the insurance sector, employees of the technical departments at insurance companies, brokers, and media representatives. The seminar was held to discuss the proper technical underwriting of motor insurance, which is based on the evaluation of risks to determine the acceptable and rejected ones, taking into consideration the degree of risk to determine the price and the rest of the appropriate conditions and the additional conditions and the retention on which the reinsurance arrangements are made. The seminar also addressed the importance of conducting accurate technical inspections of all cars before issuing the policy as well as photographing the car and attaching pictures with the inspection report showing the chassis fingerprint in the issuance file. During the second part of the seminar, there was a discussion concerning the decision of the Financial Regulatory Authority No. 252 of 24/2/2019 of the establishment of the Egyptian
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Compulsory Motor Insurance Pool on Civil Liability of vehicle accidents, and the role of this pool is to manage all compulsory vehicle insurance (issuance- collection - compensation). In addition, the Ministry of Interior Affaires through its agencies concerned with the establishment and development of electronic systems that help to link them with the insurance sector and train their employees to use all these systems to achieve the comfort of the citizen when using all these systems. The Ministry provided the citizen with electronic payment service through the use of electronic prepaid cards and other services provided on the website of the Ministry. Among the advantages of establishing the Egyptian Compulsory Motor Insurance Pool arising from vehicle accidents are: • Completely eliminate the falsification of policies or manipulation of compensation by relying on electronic issuance and linking to the traffic database. • Increase the proceeds of insurance companies from premiums as the results showed an increase in the average premium per policy to 230 L.E. instead of 170 L.E. • Increasing the State's tax and stamp revenue. • Establishing a complete national database that includes the data regarding vehicle numbers - brand - quality - activity - compensation results. • All insurance companies will benefit from customs plate insurance policies instead of being concentrated in the hands of some companies. • Reduce the costs of insurance companies and customers through depending on modern technology in the issuance and follow-up of compensation and the issuance in an easy way through a single window inside Traffic Department, instant payment machines or website. • Eliminate the negative appearance of wooden offices on the pavements in the traffic units from which policies were previously issued. • Ensuring compensation for each death or physical injury to the injured, since there are no longer cases of falsification of policies, which was given the right of insurance companies and even the government fund to reject these cases on the grounds that the policy is forged, especially since these policies are originally intended for the benefit of the injured and not for the benefit of the insured. • Unifying the way of calculating technical allocations such as compensation under settlement, whether in cases of death on the basis of the statement of the police report and not the reporter or injuries, as well as the distribution of long-term premiums, which give real results.
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2nd Sharm El Sheikh Rendezvous Profitability in Insurance Industry: Mind the Gap Sharm El Sheikh, South Sinai Governorate-Egypt 11-13 November 2019
Sharm El Sheikh has witnessed the launching of the 2nd Annual International Insurance and Reinsurance Conference, that is organized annually by the Insurance Federation of Egypt, under the auspices of the Ministry of Public Business and the Financial Regulatory Authority. With the participation of His Excellency Dr. Mohamed Maait, Minister of Finance, Dr. Mohamed Omran, Chairman of the Financial Regulatory Authority, and Major General Mahmoud Eissa, representative of the Governor of South Sinai. The 2nd Sharm El Sheikh Rendezvous conference was held at Rixos Premium Seagate hotel in Sharm El Sheikh from 11-13 November 2019 under the theme: Profitability in Insurance Industry: Mind the Gap With the aim of coordinating and supporting the efforts at the regional and global level to improve the Egyptian insurance and reinsurance industry in order to achieve its profitability. The Rendezvous also aims to provide a unique opportunity for participating delegations to benefit from the experiences of different markets, besides, it acts as a framework for updating knowledge in different areas of insurance and identifying the most important and best practices in the field of industry and establishing mechanisms of cooperation between insurance and reinsurance markets around the world through the exchange of information and experiences, development of business relations and review of the most important opportunities and challenges in the Egyptian market and the international markets. Sharm El Sheikh has been chosen to be the permanent venue of the Rendezvous to emphasis that Egypt remains a tourist and an attractive destination for holding such meetings and international conferences, not only to strengthen the insurance industry but also to give a special opportunity to all attendees at the local, regional and international level to enjoy one of the most important and famous tourist cities around the world. Thus, it gives a special opportunity to participate on the scientific, practical and recreational and tourism levels. The conference discussed five themes over two days: • Egypt's insurance sector overcomes challenges -The impact of regulation today and in the future.
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• Profitability in non-life insurance: mind the gap. • Climate Risk and Natural Catastrophes – Closing the Protection Gap. • Brokers as Partners - The Key attributes to succeed in sustainable, innovative and competitive environment. • Expanding the Spectrum of Life/LTC Combination Plans. The Rendezvous has witnessed a positive turnout of participants at all local, regional and international levels, with more than 850 participants from representatives of major regional and international insurance and reinsurance companies as well as local and international brokerage firms from more than 33 countries at the regional and global level. This year conference witnessed many different events, which lasted for two days, with the first day starting on 12/11/2019 with the following events:
Opening Ceremony and Official Keynote Address • Mr. Alaa El-Zoheiry, Chairman of Insurance Federation of Egypt. • Major General Mahmoud Eissa, representative of the Governor of South Sinai. • Basel El Hini, Chairman of Misr Insurance Holdings, representative of Minister of Public Business. • Dr. Mohamed Omran – Chairman of Financial Regulatory Authority • Dr. Mohamed Maait - Minister of Finance.
As a sort of gratitude and appreciation from the Egyptian insurance industry, the Chairman of Insurance Federation of Egypt stressed that the Egyptian and Arab insurance market had lost two of the most loyal industrialists, namely Mr. Mohamed Abdullah, Vice Chairman of Suez Canal Company and Mr. Wael Al Khatib, Chairman of the Board of Directors of Lockton Insurance Brokerage - Middle East . A short documentary film on the achievements of the Insurance Federation of Egypt during the past year and the development of the Egyptian insurance industry during this period, as well as
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a review of the cooperation between the Egyptian Insurance Federation and the Financial Regulatory Authority in order to support and develop the insurance industry in Egypt. Honoring Sponsors, and signing cooperative Protocols • Launching the English version of the book "History of the Insurance Industry", which was translated in collaboration between Insurance Federation of Egypt and UIB Insurance Brokerage. • Signing a protocol of cooperation between the Insurance Federation of Egypt and the UAE Insurance Authority. • Signing a protocol of cooperation between the Insurance Federation of Egypt and the National Insurance Company in Baghdad. • Honoring Mr. FAHAD AL-HESNI, Managing Director and CEO of Saudi Rey. • Honoring Eng. Ashraf Salama, Chairman of Aphrodite.
It is worth mentioning that the signing of these protocols emerges from the belief of the importance of joint Arab cooperation in all sectors, including the insurance sector, which plays an important and vital role in protecting individuals and institutions and aim to strengthen cooperation between the two parties and draw on the experiences of the two countries in the field of strategic planning by identifying plans, programs and projects in the fields of insurance and reinsurance, in addition to bilateral cooperation within the framework of laws and regulations governing insurance and reinsurance in both countries and benefiting from the experiences of the two countries in the development of these Legislation.
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The conference’s sessions have taken place and a group of distinguished experts of insurance industry at the local, regional and global levels providing remarkable presentations during the conference sessions as follows: SPI 1 (First Part) Egypt's insurance sector overcomes challenges -The impact of regulation today and in the future. Egypt has outlined a series of reforms aimed at expanding insurance penetration, with the expectation that regulatory measures, coupled with the rollout of universal health coverage, will lead to a doubling of premiums within the next five years. SPI Panellists: Dr. Mohamed Omran – Chairman of Financial Regulatory Authority
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SPI 1 (Second Part) MS. Sina Habbous, Head of Sustainable Development and Advisor of the Financial Regulatory Authority chairman for Financial Supervision for Sustainable Development Formulating Egypt's Sustainable Insurance Agenda. SPI 2: The Guest of Honor: Dr. Mohamed Maait, Minister of Finance was the Guest of Honor.
SPI 3: Profitability in non-life insurance: mind the gap
The need for improved underwriting margins in most non-life primary markets. Pricing dynamics may have reached an inflection point with some moderate rate increase since late 2017, but it is too soon to declare a return to hard market conditions. Moderator: • Mr. Vasilis Katsipis, General Manager, MENA - A.M. Best. SPI Panellists: • Mr. Bernd Horsch Manager Egypt and Saudi Arabia, Middle East / North Africa. Munich Re.
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• Mr. FAHAD AL-HESNI, Managing Director-Chief Executive Officer, "Saudi Re". • Mr. Mo’men Mokhtar, Chairman of Misr Insurance Company. • Selvator Orlando, Head of Middle East Region, Partner Re Europe SPI-4: Climate Risk and Natural Catastrophes – Closing the Protection Gap
"The Natural Catastrophe Protection Gap: Measurement, Root Causes and Ways of addressing Underinsurance for Extreme Events". The research paper defines and measures the protection gap, explores what we know about the reasons for the gap and lays out some measures how to close it. Moderator: • Mr. Omar Gouda, Regional Manager of North East Africa and Middle East, AFRICA RE. SPI Panellists: • Mr. Beat Strebel, Executive Manager for Middle East and Africa Market, Swiss Re. • Ms. Lamia Ben Mahmoud, CEO and Chairman, Tunis Re. • Mr. MarcBuker / North & Francophone Africa and South Mediterranean markets -SCOR Global P&C. • Mr. Adham Al Muzain, Managing Director, Hannover Re, Bahrain. SPI-5: Brokers as Partners - The Key attributes to succeed in sustainable, innovative and competitive environment The traditional broker role is rapidly changing due to the ease of purchasing insurance policies online, even in areas such as professional indemnity and management liability insurance. The insurance brokers who will survive and continue to thrive in this environment are those who can identify a niche market which requires the services of a traditional insurance broker, rather than just an electronic interface. At the same time, broker services which can be automated, that is, informational and transactional services, are most likely to be disrupted. Moderator: • Mr. Belal Al Hoss, Nasco France. SPI Panellists:
• Mr. Atta Khatib, Senior Partner & Chairman of Lockton – MENA Lockton.
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• Mr. George J. Kabban, Chief Executive Officer, UIB (DIFC) • Mr. Jack Jenner, CEO Middle East and North Africa ,Allianz Global Corporate & Specialty (AGCS) United Arab Emirates. • Ahmed Khalifa, Managing Director of Sarwa Insurance Company.
SPI-6: Expanding the Spectrum of Life/LTC Combination Plans This session will cover the range of Life/LTC products (life combination products which combine life insurance with long- term care or chronic illness coverage), including key attractions of various designs, how to compare them to each other and to stand-alone LTC, and ways to market them. A consulting actuary and a successful producer who have worked extensively with these products will also identify some of the gaps in the spectrum of potential coverages in this arena. Attendees should learn about what makes these products attractive to producers and consumers, and what new design structures might further stimulate this rapidly growing market. Moderator: • Basel El Hini, Chairman of Misr Insurance Holdings SPI Panelists: • Mrs. Elena Butarova, Vice Chairman & Managing Director
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• Met Life Insurance Company - Egypt. Confirmed • Dr. Mazen A. Chakra, Managing Director,MENA and Cyprus - Lebanon. General Re. Confirmed • Mr. Amr Al Sheeme, Managing Director of QNB Life Insurance Company.
2nd Sharm El Sheikh Rendezvous Competitions As in the previous year, Sharm annual Rendezvous has organized a research competition for those who work in the insurance industry, both locally and globally, which has become one of the most prestigious competitions in the world. The prize of the competition is a cash prize for each contestant with a total amount of 10,000 U.S. dollars presented to the best six articles written on the topic chosen from the SPIs topics that were discussed during the conference, and the result of the competition was announced during the closing ceremony of the conference on November 13, 2019, and the winners were ranked as follows:
First Winner Ahmed Sami Al-Azab and Raghda Ali Abdel-Rahman Second Winner Sarah Ali Ahmed
Third Winner Ahmed El-Sayed Mohamed Hashish
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Fourth Winner Hossam Yassin Ibrahim Fifth Winner Azza Gaber Khalil Sixth Winner Azhar Muhyiddin Al-Tela As in the previous year, Sharm annual Rendezvous has organized two sports tournaments:
Football Competition - The winner Team: 1. Emad Abd Rabo 2. Ahmed Yahya 3. Adel Hafez 4. Alaa El-Kashef 5. Mohamed El-Sayed 6. Ahmed Raslan • The best player in the tournament, is Alaa Al-Kashef • The best female player in the tournament, Hania Abdel Galil
Tennis Tournament winners: First place: Mazen Abu Shakra. Second place: Mohamed Mowafi Third place: Amira Afi
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Recommendations: • Insurance companies should establish their Sustainable insurance department and their annual report should include a governance report and a sustainability report as they are critical topics. • The insurance sector has to interact and change its insurance products and to try to change the investment mechanism so that products and investment policies are in line with the United Nations Sustainable Development Goals. • In order to close the insurance gap, companies must undertake risk analysis and use the latest technology to obtain accurate information on the nature of the risks that need to be covered. • Increasing the growth rate of insurance penetration and increase its contribution to the national economy by inventing new insurance products and creating new channels for the distribution of insurance products. • Try to increase the profitability of insurance by carefully analyzing the data and the insurance portfolio. • Use modern technological means in issuing and dealing with compensations. • Try to build a public-private partnership to close the climate protection gap. • Find a variety of climate change-related insurance products. • Insurance companies have to help their customers to switch from unclean to clean energy to help in reducing environmental degradation and successive climate changes. • Try to raise insurance awareness among all stakeholders of the need to secure their property against natural catastrophes arising from climate change. • All efforts of governments and public and private insurance companies must be combined to avoid or minimize the losses caused by disasters resulted from natural hazards and climate change by establishing natural catastrophes pools. • The formation of a quantitative and qualitative database tailored to the nature and the category of the disaster with an analysis of its environmental, social and economic impacts. These data are used to determine the likelihood and frequency of disasters as well as to assess their results and costs, thereby targeting the means available to bear their consequences. • The insurance broker should develop the tools he uses to market insurance products, such as the use of modern technology in dealing with customers. • The insurance broker should exert more efforts in the area of customer service. They must understand the changes in customer behavior and needs, and also have to deal transparently and clearly with their client in order to reflect a positive image of the insurance industry he represents.
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Annual Report 2019 104
The Federation has the honor to be a member in the following international federations and organizations:
Federation of Afro - Asian Insurers & Reinsurers (FAIR) The Federation of Afro-Asian Insurers and Reinsurers "F.A.I.R." main objective is to promote cooperation among insurance and reinsurance companies in Africa and Asia, through the regular exchange of information, expertise and the development of business relations. Therefore, the Insurance Federation of Egypt had mutual cooperation with FAIR in organizing several events that aimed at promoting insurance industry in the Egyptian market.
General Arab Insurance Federation (GAIF) The GAIF mainly aims to strengthen conjunctions between Arab Insurance Markets and its related organizations, subsidize co-operation between them and to co-ordinate its activities to protect the members interests and develop insurance industry for eminence the Arab entity. Thus, the Insurance Federation of Egypt is cooperating with GAIF in order to enhance the role of insurance in the Egyptian market.
Global Federation of Insurance Associations (GFIA) GFIA represents member association's interests among other international regulatory groups, standard-setters and governments to increase the industry's effectiveness. GAIF contributes to an international dialogue on issues of common interest by formalizing contact, cooperation and dialogue among national and regional insurance associations. The Insurance Federation of Egypt through its membership at GFIA had joined three working groups of GFIA: • Market Conduct Group • Financial Inclusion Group • Climate Risks. The IFE is transferring to the Egyptian market any updated knowledge the IFE gained from these groups. This helps in keeping the Egyptian insurance market updated with the new international insurance trends, news, events…etc.
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African Insurance Organization (AIO) The IFE is cooperating with the AIO in order to achieve their mutual objectives; such as encouraging the development of Microinsurance, and promoting the African Centre for Catastrophe Risks, and creating a Pool for Catastrophe Risks. The AIO and the IFE are exchanging their annual reports as a kind of knowledge sharing.
International Union of Marine Insurance (IUMI) The IFE was one of the founders of IUMI and is one of its old members. There are four Egyptian members who represent IFE in four of IUMI committees, and they are attending the annual conference, thus, they reveal to the marine underwriters in the Egyptian market any new issues and trends that have been discussed in IUMI annual conference. IUMI also offers online training to marine underwriters, and is circulating its bulletins and articles to its members, and the Egyptian marine underwrites could benefited from these publications.
Annual Report 2019 106
Strong Foundations for a Better Future
• Misr Emirates Takaful Life Insurance Co. • Misr Emirates achieved investments of was founded in 2015 and it is an Egyptian 228 million Egyptian pounds ($ 14.3 joint stock company engaged in Takaful million) at the end of the 2019/2020 fiscal year. life insurance in the Arab Republic of • We also seek to maximize our direct Egypt in accordance with the rules of premiums to 195 million pounds within the Islamic law with an authorized capital of current financial year 2020/2021, marking 100 million Egyptian pounds and issued a growth of 30 percent. capital of 60 million Egyptian pounds and • Misr Emirates seek to double its portfolio subject to the provisions of the law No. 10 through holding talks with several banks of 1981 and its amendments and to cover their Islamic financing for small, medium, and micro-sized enterprises. registered at the General Authority for Misr Emirates has the first product to link Financial Supervision under No. 36 of the value of the Egyptian gold pound and 2015, commercial registration number the amount of takaful. 79450 and is one of the subsidiaries of the Misr Emirates Shareholders Islamic Arab Insurance Companies • Islamic Arab Insurance Co. - Salama (SALAMA) which has a paid-in capital 1.2 Group 80.1%. billion AED, and its Board of Directors is • Egyptian Saudi Insurance House 9.95 %. headed by MR. Mustafa Kheriba. • Faisal Islamic Bank of Egypt 9.95 %.
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The growth rate of insurance premiums reached 19% in 2019 compared to the previous year, as the Egyptian insurance market achieved a total of 35.2 billion EGP in 6/30/2019 compared to
30/6/2018, which achieved total premiums of 29.4
billion EGP.
The total claims paid reached 18.3 billion EGP in 30/6/2019, compared to 15.4 billion EGP in 30/6/2018.
The surplus of the insurance business increased by a rate of 29.3% to reach 4.7 billion EGP compared to last year, which achieved a surplus of insurance business amounting to 3.7 billion EGP. The surplus achieved by insurance companies has improved during the past four years, where the surplus of insurance activity amounted to 4.7 billion EGP in 30/6/2019 Compared to two billion pounds on 30/6/2015, which is reflected in attracting more new investments to the insurance market by establishing new companies.
The net investments of insurance companies amounted to 102 billion EGP in 30/6/2019 with a growth rate of 2.7% compared to last year's net investments of 99 billion EGP.
The total policyholders’ rights, which represent the obligations of insurance companies towards 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%.
The shareholders ’equity in insurance companies amounted to 35 billion EGP in 30/6/2019, rising by a rate of 7.8% compared to the shareholders’ equity of 38 billion EGP in 30/6/2018.
Annual Report 2019 108
Gross Life Gross Non- Gross Life Gross Non-Life Total Gross Total Gross Years Paid Life Paid Premiums Premiums Premiums Paid Claims Claims Claims 2009/2008 3,078 2,032 5,108 3,120 8,186 5,152 2010/2009 3,625 2,147 5,652 3,351 9,277 5,498 2011/2010 4,006 2,509 6,129 3,357 10,135 5,866 2012/2011 4,488 3,040 6,533 4,749 11,022 7,789 2013/2012 5,269 3,369 7,522 3,591 12,791 6,960 2014/2013 6,155 3,699 8,201 3,594 14,355 7,293 2015/2014 7,340 4,390 8,874 4,363 16,215 8,753 2016/2015 8,326 5,442 9,892 5,317 18,218 10,759 2017/2016 10,167 7,040 13,786 5,829 23,953 12,870 2018/2017 12,159 7,657 17,364 7,730 29,523 15,387 2019/2018 15,360 8,391 19,790 9,897 35,150 18,288
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Years Life Non - Life Total 2009/2008 14,196 8,224 22,420 2010/2009 16,351 8,691 25,042 2011/2010 18,445 9,460 27,906 2012/2011 20,587 9,858 30,444 2013/2012 23,465 10,722 34,187 2014/2013 26,089 11,431 37,520 2015/2014 29,858 12,068 41,926 2016/2015 32,996 12,998 45,994 2017/2016 38,398 15,874 54,272 2018/2017 43,358 17,858 61,216 2019/2018 49,135 19,841 68,976
Years Life Non - Life Total 2009/2008 1,404 5,000 6,405 2010/2009 1,978 4,542 6,520 2011/2010 2,323 4,553 6,877 2012/2011 2,521 5,382 7,903 2013/2012 2,427 5,446 7,873 2014/2013 3,518 6,987 10,505 2015/2014 3,371 7,063 10,435 2016/2015 5,253 9,414 14,667 2017/2016 10,479 20,312 30,791 2018/2017 13,823 24,153 37,976 2019/2018 12,644 22,298 34,942
Annual Report 2019 110
Years Life Non - Life Total 2009/2008 14,002 14,909 28,911 2010/2009 16,711 15,000 31,711 2011/2010 19,494 15,977 35,471 2012/2011 22,110 16,574 38,684 2013/2012 24,606 17,778 42,383 2014/2013 28,399 20,183 48,582 2015/2014 31,944 20,526 52,470 2016/2015 36,453 23,989 60,442 2017/2016 46,117 39,442 85,559 2018/2017 54,420 44,938 99,358 2019/2018 58,032 43,991 102,023
Years Life Non - Life Total 2008/2009 155 769 924 2009/2010 141 149 290 2010/2011 38 475 513 2011/2012 181 878 1,059 2012/2013 228 582 811 2013/2014 548 1,074 1,621 2014/2015 774 1,271 2,045 2015/2016 759 1,946 2,705 2016/2017 1,685 3,060 4,745 2017/2018 1,789 1,866 3,655 2018/2019 1,925 2,803 4,728
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Annual Report 2019 112
Insurance Lines
Oil
Fire
Total
Motor Motor Motor
Aviation Medical
Accident
arine Cargo arine
Marine Hull Marine
Engineering
omprehensive)
(Compulsory)
M
Inland transport Inland (c
17,364
2,902 3,246 1,076 1,448 1,990 2,146 2,932
628 184 309 504 Gross Premiums
2017/2018
1,739 2,038 7,730
857 144 107 979 549 399 550 338
29
Gross Claims
19,790
3,330 3,783 1,056 1,617 2,024 2,387 3,699
651 205 356 682 Gross Premiums
2018/2019
2,623 2,005 2,194 9,897
139 123 678 476 410 776 450
22
Gross Claims
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Annual Report 2019 114
115 Insurance Federation of Egypt “IFE”
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r r
Companies
Oil
Fire
Total
Years
Motor Motor Moto
Aviation Medical
Accident
Marine Hull Marine
Engineering
(Compulsory)
Marine Cargo Marine
Inland transport Inland (Comprehensive) 2019 56.5 45.8 37.6 65.1 96.7 34.5 23 42.4 91.1 25.8 15.8 40.7 Misr Insurance 2018 56.4 46 39.3 67.5 96.5 38.4 28.5 39.1 92.8 24.3 26.1 44.1 Suez Canal 2019 2.4 3 4.6 17.5 - 7.5 7 20.7 0.1 7.4 0.7 5.5 Insurance 2018 2.3 3.1 5.3 17.9 - 8.5 5.5 23 0.2 8 0.6 6 Mohandes 2019 4.1 2.2 3.8 2.7 - 3.6 4.7 2.5 - 3.7 1.4 2.8 Insurance 2018 4.5 2.4 3.3 2.1 - 3.6 4.6 2 - 2.8 1.6 2.7 2019 2.1 1.8 1.7 0.6 - 4.6 4.2 3.5 - 1.7 1.4 2.4 Delta Insurance 2018 2 2.1 2.2 0.9 - 4.9 2 2.7 - 1.5 0.9 2.1 2019 0.8 3.8 5 0.1 - 0.1 - 2.7 - 6.2 - 1.3 AIG Egypt 2018 1.2 3.8 5 0.1 - 0.1 - 3.9 - 7.3 - 1.6 2019 10.1 11 12 1.7 2.5 6.4 5.1 11.8 2 6.3 2.2 6.1 gig Egypt 2018 10.6 10.2 12.3 1.2 2.7 6.5 4.8 9.2 2.6 6.2 2.2 6.1 Export Credit 2019 ------0.4 - 0 Guarantee 2018 ------0.4 - 0.1 Co-operative 2019 1.4 0 0 ------7.3 - 1.1 Insurance Society Egypt 2018 1 0 0 ------9.8 - 1.3 Chubb Insurance 2019 1 1.3 0.5 - - - - 0.2 - 1.4 - 0.4 Egypt 2018 1.2 1 0.2 - - - - 0.1 - 1.5 - 0.4 2019 1.7 3.6 2.4 0.9 - 4.6 11.2 1.8 - 2.4 2.6 3 Royal Insurance 2018 2.1 4.2 3.1 1.1 - 4.8 14.7 2.1 - 2.7 2 3.4 2019 4.1 7 12.6 - - 10 2.2 2.6 - 4.8 4.2 4.9 Allianz Egypt 2018 4.3 7.7 13.9 - - 9.8 1.9 2.6 - 5.3 3.2 4.7 Egyptian Saudi 2019 0.8 2 0.6 0.2 - 4.2 6.3 0.7 - 1.4 2.1 2.1 Insurance House 2018 0.7 1.6 0.7 0.3 - 3.3 5.6 0.7 - 1.3 1.7 1.8 2019 ------29.7 6 Bupa Egypt 2018 ------33.6 6.2 Egyptian Takaful 2019 4.3 1 1.8 3 - 3.1 4.1 0.5 6.6 18.6 0.1 4.5 P&L Ins. 2018 4.1 1.5 1.6 1.1 - 3.3 4.1 0.7 3.5 17.6 0 4.1 Wethaq Takaful 2019 0.6 1.4 1.5 0 - 5.2 5.7 0.6 - 0.7 2.4 2.2
Annual Report 2019 116
r r
Companies
Oil
Fire
Total
Years
Motor Motor Moto
Aviation Medical
Accident
Marine Hull Marine
Engineering
(Compulsory)
Marine Cargo Marine
Inland transport Inland (Comprehensive) 2018 0.6 1.2 1.2 - - 3.7 6 0.7 - 0.7 1.7 1.8 2019 0.3 0 0.3 - - 0.5 4.8 0 - 0.1 2.8 1 AROPE Egypt 2018 0.4 0.1 0.3 - - 0.7 4.5 0.1 - 0.1 2.5 1 2019 0.6 1.4 0.4 0.4 0.8 3.7 7.2 0.9 - 2.5 0.1 1.8 ISKAN INSURANCE 2018 0.6 1.8 0.2 0.1 0.8 3.5 6 0.6 - 3.5 0.6 1.9 Tokio Marine 2019 0.4 6.6 1.8 4.2 - 1 4.7 0.4 - 0.6 0.4 1.1 Egypt General 2018 0.4 7.2 1.5 5 - 1.1 5.5 0.4 - 0.6 0.5 1.2 Takaful 2019 6.1 3.8 10.3 2.4 - 4.8 3.3 7.1 0.2 4.9 5 4.6 Orient Takaful 2018 6.3 4.4 7.8 2.5 - 4.8 2.9 10.9 0.9 3.7 4.4 4.7 AXA Insurance- 2019 1.8 1.7 1 - - 2.6 - 1.1 - 2.3 22.5 5.8 Egypt 2018 1.1 1 0.9 - - 1.5 - 1 - 2.5 15.6 3.8 United Insurance 2019 0 - - - - 0 4.8 - - 0 0 0.3 Company 2018 0 0 0.1 - - 0.8 3.2 0 - 0 0.2 0.4 2019 ------6.5 1.3 MEDGULF – Egypt 2018 ------2.7 0.5 Misr for Takaful 2019 0.8 2.6 2.1 1.2 - 3 1.7 0.5 - 1.2 0 1.2 Insurance 2018 0.2 0.8 0.9 0.1 - 0.7 - 0.2 - 0.2 0 0.2 2019 0 0 0 - - 0.5 - 0 - 0 - 0.1 Sarwa Insurance 2018 ------2019 100 100 100 100 100 100 100 100 100 100 100 100 Total 2018 100 100 100 100 100 100 100 100 100 100 100 100
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Companies
Oil
Fire
Total
Years
Motor Motor Motor
Aviation Medical
Accident
Marine Hull Marine
Engineering
(Compulsory)
Marine Cargo Marine
Inland transport Inland (Comprehensive) 2019 41 62.8 45.5 60.6 98.5 36.8 43.3 8.9 99.2 29.7 24.7 40.3 Misr Insurance 2018 61.6 54.1 53.5 76.1 100 39 47.6 26.1 100 24.4 40.2 50.6 Suez Canal 2019 0.2 2.3 2 24.8 - 8.1 2.3 18.2 0.8 6.2 0.5 3.5 Insurance 2018 2.6 3.3 2.4 15.7 - 9.1 1.5 29.2 - 6.5 1.1 4.9 Mohandes 2019 4 1.5 2.7 0.8 - 3.1 4.1 1.9 - 1.1 2.1 2.7 Insurance 2018 7.6 2.8 9.4 0.5 - 3.2 2.7 2.4 - 1 1.7 2.5 2019 0.1 1.3 1.1 0.0003 - 4.1 0.7 2.3 - 1.5 1 1.5 Delta Insurance 2018 0.5 3 0.5 0.0005 - 5 0.1 1.4 - 1.2 1.3 2 2019 1 3.7 0.3 - - 0.4 0.1 1.5 - 7.1 - 0.7 AIG Egypt 2018 0.2 8.5 1.4 - - 4 0.1 0 - 12.3 - 1.6 2019 1.5 5.3 10.1 0.02 - 7.4 5.5 17 - 7.8 3.5 4.3 gig Egypt 2018 1.6 2.2 9.5 2 - 6.9 4.4 33 - 8.1 1.4 4.6 Export Credit 2019 ------0.2 - 0.01 Guarantee 2018 ------0.1 - 0 Co-operative 2019 0.2 - 0.4 - - 0.1 - - - 14.4 0.004 0.53 Insurance Society Egypt 2018 0.2 - - - - 0.02 - - - 14.6 0.03 0.47 Chubb 2019 0.2 0.4 - - - - - 0.02 - 1.7 - 0.1 Insurance Egypt 2018 1.2 0.5 0.9 - - - - 0.8 - 0.1 - 0.2 2019 2.6 5.6 5.6 0.2 - 4.6 12 0.4 - 1.3 2.3 3.1 Royal Insurance 2018 1.1 5.2 4.1 - - 4.8 12.6 0.4 - 1.7 1.7 3.2 2019 46.1 4.8 7 - - 8.7 1 1.7 - 2 3.2 15.3 Allianz Egypt 2018 9.7 6.2 6.1 - - 7.8 0.5 0.8 - 11.5 3.2 4.4 Egyptian Saudi 2019 0.2 0.2 0 - - 3 6.6 0.5 - 1.3 2 1.7 Insurance 2018 1.3 0.5 0.1 1.2 - 2.7 6.7 0.8 - 0.8 1.4 1.9 House 2019 ------23.5 6 Bupa Egypt 2018 ------26.4 8.1 Egyptian 2019 2.2 1.4 2.3 0.9 - 3.7 5.4 0.3 - 19 0.1 2.4 Takaful P&L Ins. 2018 5.9 1.3 0.8 4.5 - 4.2 6.2 0.1 - 12.1 0 2.6
Wethaq Takaful 2019 0.1 0.05 1.6 - - 3.6 3.6 0.7 - 0.6 2.5 1.8
Annual Report 2019 118
Companies
Oil
Fire
Total
Years
Motor Motor Motor
Aviation Medical
Accident
Marine Hull Marine
Engineering
(Compulsory)
Marine Cargo Marine
Inland transport Inland (Comprehensive) 2018 0.1 0.02 1.6 - - 2.7 3.3 0.2 - 0.3 1.9 1.6 2019 0 - - - - 0.7 2.4 - - 0.04 2.9 1 AROPE Egypt 2018 0.3 - 0.1 - - 0.6 1.9 - - 0.03 2.4 1.1 ISKAN 2019 0 0.1 0.6 - 1.5 4.7 4.3 0.1 - 3.3 0.3 1.6 INSURANCE 2018 0.4 2.5 0 - - 2.7 4.1 0.2 - 2.1 0.6 1.4 Tokio Marine 2019 0 3.9 0.6 - - 1.1 3.7 0.1 - 0.2 0.5 0.6 Egypt General 2018 0.1 6.4 4.4 - - 1.3 3.6 0.05 - 0.8 0.5 1 Takaful 2019 0.4 4.2 18.6 12.7 - 4.5 4.1 38.5 - 1.3 3.8 4.2 Orient Takaful 2018 5.5 2.2 5.1 0.04 - 3.5 4.1 4.1 - 0.9 3.7 3.2 AXA Insurance- 2019 0.3 0.7 1 - - 2.9 - 7.7 - 1 20.8 6.4 Egypt 2018 0.3 1.4 - - - 0.6 - 0.6 - 1.6 12.1 4 United 2019 - - 0.01 - - 0.8 0.8 - - - 0.1 0.3 Insurance Company 2018 - - 0.1 - - 1.7 0.7 - - - 0.3 0.6 MEDGULF – 2019 ------6.2 1.6 Egypt 2018 ------0.1 0.03 Misr for Takaful 2019 0.01 1.7 0.8 0.01 - 1.7 0.03 0.1 - 0.3 0 0.4 Insurance 2018 - 0.02 - - - 0.1 - - - 0.002 0.002 0.02 Sarwa 2019 - - - - - 0.04 - - - - - 0.01 Insurance 2018 ------2019 100 100 100 100 100 100 100 100 0 100 100 100 Total 2018 100 100 100 100 100 100 100 100 100 100 100 100
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2018/2019 Outward General & Commissions Retention Reinsurance Administrative Loss Line of Business & Production Ratios Commissions Expenses Ratio Cost Ratio Ratio % % % % % Fire 45.5 22.2 7.2 22 74.9 Marine Cargo 53 28.8 13.5 19.7 23.4 Inland transport 69.4 38.6 17.5 23.9 19.4 Marine Hull 56.4 26.7 11.3 12.2 21 Aviation 18 9.8 5.7 9.3 -10.1 Motor (comprehensive) 90 28.8 11.3 28.8 57.9 Motor (Compulsory) 88.1 30.3 22.5 24.8 18.2 Engineering 20.7 25.9 7.7 15.4 102.5 Oil 38.4 14.9 4.4 11.9 85.9 Accident 60.2 28.4 11.2 22.4 40.1 Medical 71.2 18.3 6.8 14.7 72.2 Total 59.8 21.9 9.3 19.9 58
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate 57.7 61.4 63.4 61 63.9 Outward Reinsurance 17.5 21.9 16.9 15.4 14.7 Commissions Ratio General & Administrative Misr Insurance 10.7 12.6 9.2 9.9 8.6 Expenses Ratio Commissions 17.9 27.4 20.1 19.2 18.9 &production Costs Ratio Loss Ratio 59 41.6 41.6 61.2 61.5
Retention Rate 55.3 57.8 50.2 53.1 54.3 Outward Reinsurance 26.2 33.4 21.8 26.5 28.8 Commissions Ratio Suez Canal General & Administrative 18 17.6 13.6 13.8 15.8 Insurance Expenses Ratio Commissions 25.2 28.8 22.2 23.8 25.5 &production Costs Ratio Loss Ratio 45.8 50.8 50.8 51 41.9
Annual Report 2019 120
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate 60.2 58.5 59 46.3 42.4 Outward Reinsurance 32 32.3 24.5 29.6 30.4 Commissions Ratio Mohandes General & Administrative 15.2 17.3 13 10.8 12 Insurance Expenses Ratio Commissions 27.3 39.6 29.7 28.3 26.6 &production Costs Ratio Loss Ratio 55.8 45.4 45.4 40.6 41.6
Retention Rate 61.1 61.9 64.4 69.1 69.5 Outward Reinsurance 27.9 35 31.6 32.5 29.7 Commissions Ratio General & Administrative Delta Insurance 17 18.3 15.4 14.3 11.9 Expenses Ratio Commissions 22.9 29.2 24.6 25 26.5 &production Costs Ratio Loss Ratio 47.7 49.2 49.2 50.2 47.9
Retention Rate 27.7 23.6 42.7 26.3 33.5 Outward Reinsurance 33.6 34.7 35.6 29.3 27.3 Commissions Ratio General & Administrative AIG Egypt Ins. 19.1 30.6 23.4 32.1 31.4 Expenses Ratio Commissions 20.2 27.7 21.2 20 10.9 &production Costs Ratio Loss Ratio 49.9 50.6 50.6 70.4 -4.8
Retention Rate 51.4 48.4 40.9 38.4 37.4 Outward Reinsurance 29.8 43.7 27.2 25.4 27.8 Commissions Ratio General & Administrative gig Egypt - Ins. 9.3 11.8 8.4 8 9.1 Expenses Ratio Commissions 18.7 23.3 16.6 16.2 16.9 &production Costs Ratio Loss Ratio 49.1 56.2 56.2 57.6 59.2
Retention Rate 50.5 50.1 50 50 50 Outward Reinsurance 39 81.6 47 33 37.5 Commissions Ratio Export Credit General & Administrative Guarantee 67.3 87.8 50.7 41.5 44.3 Expenses Ratio Company Commissions - - - - - &production Costs Ratio Loss Ratio 1.1 174.8 174.8 -1.3 -4
121 Insurance Federation of Egypt “IFE”
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2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate 45.8 44.7 41.8 46.2 42.1 Outward Reinsurance 31.7 79.3 56.3 39.5 40.6 Commissions Ratio Co-operative General & Administrative Insurance 39 26.1 19.5 13.9 20.2 Expenses Ratio Society Egypt Commissions 0.8 6.9 5.1 6.6 10.9 &production Costs Ratio Loss Ratio 140.1 17.7 17.7 42.7 44.9
Retention Rate 29 25.3 16.1 17 17.4 Outward Reinsurance 23.1 11.1 8.7 17.6 21.5 Commissions Ratio Chubb General & Administrative 9.9 13.1 11.5 12.8 11 Insurance Egypt Expenses Ratio Commissions 23 5.3 4.7 13.4 11.6 &production Costs Ratio Loss Ratio 19.3 3 3 26.3 6.2
Retention Rate 70.4 73.5 69.9 69.2 64.7 Outward Reinsurance 23.9 41.2 27.2 26.4 25.6 Commissions Ratio General & Administrative Royal Insurance 19 24.1 18.1 20.8 21.6 Expenses Ratio Commissions 13.3 22.4 16.8 18.9 18.9 &production Costs Ratio Loss Ratio 54.3 62.3 62.3 54.5 47.8
Retention Rate 62 56.4 59.7 63.6 75.9 Outward Reinsurance 17 21.5 14.7 15.5 13.5 Commissions Ratio General & Administrative Allianz- Egypt 17.7 20.1 12.7 10.2 9.6 Expenses Ratio Commissions 18.4 29.5 18.6 19.6 23.8 &production Costs Ratio Loss Ratio 50.4 46.9 46.9 44.6 50.8
Retention Rate 76.7 82.3 73.5 77.4 79.2 Outward Reinsurance 28.5 37.1 24.2 30.5 32.2 Commissions Ratio Egyptian Saudi General & Administrative Insurance 6.2 8.7 8.5 6.5 5.8 Expenses Ratio House Commissions 24.9 26.5 25.8 30.5 30.5 &production Costs Ratio Loss Ratio 49.7 62.5 62.5 44.4 47.1
Annual Report 2019 122
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate 48.4 41.2 37.3 46.1 50.3 Outward Reinsurance 29.5 47 28.7 28.9 25.1 Commissions Ratio General & Administrative Bupa Egypt 4.8 8.9 5.8 4.9 5.8 Expenses Ratio Commissions 21.4 28.9 18.8 26.9 19.8 &production Costs Ratio Loss Ratio 53.5 40.9 40.9 49 50.8
Retention Rate 22.9 32.8 39.2 43.1 36.6 Outward Reinsurance 21 28.6 22.6 25.8 30.8 Commissions Ratio Egyptian Takaful General & Administrative 4.6 9.1 6.5 4.4 5.6 P&L Insurance Expenses Ratio Commissions 16.3 26.2 18.7 16.4 17.3 &production Costs Ratio Loss Ratio 47.5 50.3 50.3 66.4 60.1
Retention Rate 62.7 69.7 74.3 78.7 78.9 Outward Reinsurance 28 54.1 41.9 35.5 32.8 Commissions Ratio Wethaq Takaful General & Administrative 14.4 18.4 12.1 10.7 9.3 Insurance Expenses Ratio Commissions 21.8 32.9 21.6 23.3 24.2 &production Costs Ratio Loss Ratio 52.7 45.2 45.2 51.7 55
Retention Rate 65.7 72.9 72.3 73.2 71.1 Outward Reinsurance 6.5 14.8 10.9 7.6 6.5 Commissions Ratio Arope General & Administrative 14.9 20.1 15.1 18.8 17.2 Insurance Egypt Expenses Ratio Commissions 15.3 27.3 20.5 21.8 23.6 &production Costs Ratio Loss Ratio 61.4 49.3 49.3 41.1 47.6
Retention Rate 78.9 36.8 42.7 39 36.1 Outward Reinsurance 29.6 35.8 30.5 28.2 30.6 Commissions Ratio ISKAN General & Administrative 11.1 13.9 10.7 7.9 8.4 INSURANCE Expenses Ratio Commissions 24.8 32.2 24.8 25.5 27 &production Costs Ratio
Loss Ratio 57.1 42.9 42.9 53.1 59.1
123 Insurance Federation of Egypt “IFE”
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2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate 58.4 64.1 66.1 50.6 49.7 Outward Reinsurance 24.4 33.8 23.3 21 22.7 Commissions Ratio Tokio Marine General & Administrative Egypt General 14.8 - - - - Expenses Ratio Takaful Commissions 17.7 33.8 22 20.1 24.4 &production Costs Ratio Loss Ratio 51.3 58.4 58.4 50.8 65.9
Retention Rate 41.7 36.3 30.9 35.8 38.3 Outward Reinsurance 25.3 35.6 20.4 21.8 22.1 Commissions Ratio Orient Takaful General & Administrative - - - - - Insurance Expenses Ratio Commissions 17 27.8 17.3 17.9 19.7 &production Costs Ratio Loss Ratio 60.7 51 51 53.3 49
Retention Rate - - 84.2 88.4 87.8 Outward Reinsurance - - 29.1 28.1 24.5 Commissions Ratio AXA Egypt General & Administrative - - 12.8 9.3 4.1 Insurance Expenses Ratio Commissions - - 14.6 16.4 16.2 &production Costs Ratio Loss Ratio - - 76.4 76.8 78.2
Retention Rate - - 91.8 92.2 97.4 Outward Reinsurance - - 2.1 4.6 -0.1 Commissions Ratio United General & Administrative - - 34.5 57.7 42.2 Insurance Expenses Ratio Commissions - - 21.3 22.5 19.1 &production Costs Ratio Loss Ratio - - 54.3 89.1 54.7
Retention Rate - - - 100 100 Outward Reinsurance - - - - - Commissions Ratio MEDGULF – General & Administrative - - - 6.1 13.8 Egypt Expenses Ratio Commissions - - - 11.7 9.4 &production Costs Ratio Loss Ratio - - - 40.3 81.1
Annual Report 2019 124
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Retention Rate - - - 30.5 31.4 Outward Reinsurance - - - 31 30.3 Commissions Ratio Misr for Takaful General & Administrative - - - 17.2 13.3 Insurance Expenses Ratio Commissions - - - 27 26.7 &production Costs Ratio Loss Ratio - - - - 36.4
Retention Rate - - - - 93.6 Outward Reinsurance - - - - 16.1 Commissions Ratio Sarwa General & Administrative - - - - 18.3 Insurance Expenses Ratio Commissions - - - - 16.9 &production Costs Ratio Loss Ratio - - - - 33.1
Retention Rate 51.6 55.2 57.5 57.3 59.8 Outward Reinsurance 21 21.9 21.8 21.2 21.9 Commissions Ratio General & Administrative Total 10.8 11.4 10.1 10 9.3 Expenses Ratio Commissions 17.7 18.9 19.8 20 19.9 &production Costs Ratio Loss Ratio 56.7 56.2 45.9 57.9 58
125 Insurance Federation of Egypt “IFE”
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Annual Report 2019 126
Direct Premiums Direct Paid Claims Companies 2017/2018 2018/2019 2017/2018 2018/2019 Misr Life Ins. 3,974 4,403 2,989 3,178 Suez Canal Life Ins. 416 604 282 263 Mohandes Life Ins. 92 106 73 73 Delta Life Ins. 287 216 102 133 Metlife Egypt 2,374 2,855 1,481 1,608 AXA Life Ins. -Egypt 1,599 2,000 883 977 Allianz Egypt Life Ins. 1,978 3,120 1,256 1,376 QNB ALAHLI Life Ins. 501 672 149 179 Chubb Egypt Life Ins. 228 252 63 93 Egyptian Life Takaful -gig 415 658 252 323 Tokio Marine Egypt Family Takaful 34 42 28 32 Arope Egypt Life Ins. 54 62 7 11 Libano Suisse Takaful Life Ins. 125 207 71 92 Misr Emirates Takaful Life Ins. 88 107 5 12 Sarwa Life Ins. - 3 - - Total 12,165 15,308 7,640 8,352
127 Insurance Federation of Egypt “IFE”
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Annual Report 2019 128
Production Cost Administrative Total Cost Investments Ratio Cost Ratio Ratio Ratio
Companies
2017/2018 2018/2019 2017/2018 2018/2019 2017/2018 2018/2019 2017/2018 2018/2019
Misr Life Ins. 43.1 75.6 12.4 11.2 30.9 31.4 12.8 12.4 Suez Canal Life Ins. 172.9 209.3 9.2 7.8 32.1 27.8 15.1 15.1 Mohandes Life Ins. 111.7 131.6 25.3 30.1 32.2 36.7 19.4 21.3 Delta Life Ins. 22.3 86.8 7.8 10.6 24 24.9 16.5 16.8 Metlife Egypt 94.3 103.5 8.1 8 15.7 16.4 13.7 11 AXA Life Ins. -Egypt 37.7 40.4 7.1 8.9 21.6 24.7 16.2 9.5 Allianz Egypt Life Ins. 41.4 52.7 6 4.6 23.8 24 18.1 9.1 QNB ALAHLI Life Ins. 17.3 15.2 6 5.5 14.2 13 12.4 12.5 Chubb Egypt Life Ins. 5.4 115.5 24.2 24.2 58.5 52.4 16.2 15.3 Egyptian Life Takaful -gig 55.5 55.4 6.9 5.6 30.5 26.6 14.7 13.5 Tokio Marine Egypt Family 276.9 135.1 32.3 27.2 44.4 38.5 14.2 14.4 Takaful Arope Egypt Life Ins. 67.8 62.8 29.4 29.9 59.1 58.1 16 15.3 Libano Suisse Takaful Life 6.8 5.9 36.1 32.3 37.4 34.1 16.8 9.9 Ins. Misr Emirates Takaful Life - 0 15.9 20.7 15.9 20.7 8.8 14.1 Ins. Sarwa Life Ins. - 2.6 - 39.8 - 53.7 - - Total 68.1 78 16.2 19 31.5 34.5 14.5 11.6
129 Insurance Federation of Egypt “IFE”
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Average Mortality No. of Valid Fulfillment Recovery Cancellation rate per Policies Ratio % Rate % rate % 1000
(in 000)
Companies
2017/2018 2018/2019 2017/2018 2018/2019 2017/2018 2018/2019 2017/2018 2018/2019 2017/2018 2018/2019 Misr Life Ins. 1,019 1,098 2.77 2.48 2.02 1.95 3.07 3.35 4.46 4.67 Suez Canal Life Ins. 25 34 0.56 0.37 1.1 1.69 0.64 0.68 10.1 10.3 Mohandes Life Ins. 6.1 5.9 4.93 5.22 3.95 5.25 2.47 2.47 2.96 2.83 Delta Life Ins. 15 18 1.5 1.55 3.91 1.5 3.05 2.29 8.78 9.7 Metlife Egypt 45 51 0.13 0.13 2.33 2.26 3.29 2.98 6.43 5.94 AXA Life Ins. -Egypt 126 143 0.45 0.77 0.84 0.91 5.98 5.43 2.3 1.96 Allianz Egypt Life Ins. 181 232 0.31 0.34 1.59 1.32 11.34 9.79 3.42 3.26 QNB ALAHLI Life Ins. 112 123 - - 1.74 1.76 2.17 2.02 5.12 3.65 Chubb Egypt Life Ins. 28 29 - - 1.92 2.64 3.2 4.31 18.8 17.6 Egyptian Life Takaful -gig 16 22 - - 0.56 0.81 3.07 2.04 9.72 9.22 Tokio Marine Egypt Family 4.4 4 1.21 0.56 2.28 1.51 5.68 6.61 3.97 3.33 Takaful Arope Egypt Life Ins. 6.1 6.8 - - 0.49 2.64 2.7 3.13 11 17.9 Libano Suisse Takaful Life 2 3.3 - - - 2.09 1.46 1.67 12.7 8.75 Ins. Misr Emirates Takaful Life Ins. 3.5 5.3 - - 3.46 0.95 - 0.02 9.19 1.31 Sarwa Life Ins. ------11.8 Total 1,590 1,775 1.84 1.69 1.84 1.78 4.27 4.18 4.75 4.7
Annual Report 2019 130
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST Compagnie Centrale De Reassurance 1 Algeria BBB- B+ (CCR) 2 Uniqa Insurance Group A- Austria AA+ Vienna Insurance Group AG Wiener 3 A+ Versicherung Chubb Insurance Company of Australia 4 AA- Australia AAA Ltd. 5 QBE Insurance (Australia) Ltd. A+ ACE American Insurance Company 6 A++ (Bahrain Branch) 7 Bahrain National Insurance Company B++ Bahrain BBB 8 Hannover ReTakaful B.S.C. A+ 9 Saudi Arabian Insurance B++ 10 Belgium AA Euler Hermes S.A. AA 11 Inter partner Assistance SA AA- Aa3 12 Chubb Bermuda Insurance Ltd AA A++ 13 Chubb Tempest Reinsurance Ltd AA A++ 14 Allied World Assurance Co A- 15 Arch Re A+ A+ 16 Argo Re A 17 AXIS Specialty Ltd A+ A+ Endurance Specialty Insurance Ltd 18 A+ A+ (Montpelier Reinsurance Ltd.) 19 Equator Reinsurances Ltd. A+ 20 Evergreen Insurance Company Limited A Bermuda AA- International General Insurance 21 A Company Limited Liberty Specialty Markets Bermuda 22 A A Limited 23 Partner Reinsurance Co. Ltd. A+ A+ 24 Qatar Reinsurance Company Limited A A RGA International Reinsurance Co. 25 AA- Ltd.(RGA Global Reinsurance co.Ltd.) 26 StarStone Insurance Bermuda Limited A- 27 Stellar Insurance Ltd A 28 XL Bermuda Ltd A+ A2
131 Insurance Federation of Egypt “IFE”
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FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 29 AXA XL A- A2 30 Active Capital Reinsurance, Ltd. A- Barbados BB+ Ocean International Reinsurance 31 A- Company 32 Brazil BBB- IRB Brasil Resseguros S.A. A 33 Canada AAA ACE INA Overseas Insurance Co. Ltd. AA- 34 Chubb Insurance Company of Canada A++ Cayman 35 AAA Best Meridian International Insurance A- Islands 36 AIG Insurance Co. China Ltd A AXA Tianping Property & Casuality 37 Insurance Co. Ltd Bank of China Insurance Co. Ltd (BOC 38 A- Insurance Co. Ltd. ) China Continent Property & Casuality 39 A Insurance Co. Ltd 40 China Life P&C Insurance Co. Ltd A1 China Pacific Property & Casuality 41 A1 Insurance Co. Ltd. 42 China Reinsurance (Group) Corp. A A China Taiping Insurance Group Ltd. 43 (“China Taiping”) China United Property Insurance Co. 44 A- China AA- Ltd China Pacific Insurance (Group) Co., 45 Ltd. 46 Huatai Insurance Co., Ltd. A- PICC Property & Causality Co. LTD- 47 A1 China Ping An Property & Casualty Insurance 48 Co. of China Ltd. 49 Sinosure Sunshine Property and Casuality 50 A Insurance Co. Ltd Swiss Re Corporate Solutions Insurance 51 A+ China Ltd 52 Taiping General Insurance Co. Ltd A 53 Taiping Insurance HK Company
Annual Report 2019 132
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST Taiping Reinsurance (china)Company. 54 A A A Ltd. Yingda Taihe Property Insurance Co. 55 Ltd 56 Covea Cooperation A+ A 57 AWP Health & Life S.A. A+ 58 AXA Corporate Solutions Assurance AA- 59 AXA France IARD AA- 60 AXA France Vie AA- 61 AXA Global Re (AGRe) A+ Caisse Centrale De Reassurances (CCR 62 AA Re) 63 France AA CCR Re A- A 64 Chubb European Group SE A++ 65 Coface sa AA- A2 66 Euler Hermes Group S.A. AA 67 GMF Assurances BBB 68 MMA IARD S.A A+ 69 SCOR SE AA- A+ 70 Sogécap A- 71 Allianz Global Corporate & Specialty SE AA A+ Allianz Private Krankenversicherungs- 72 AA AG 73 Allianz SE AA A+ 74 Delvag versicherungs-AG A 75 DEVK Deutche A+ 76 General Reinsurance AG AA+ A++ 77 Germany AAA Gothaer Allgemeine Versicherung AG A- A- 78 Hannover Rueck SE AA- HDI Haftpflichtverband der Deutschen 79 A+ Industrie V.a.G. 80 HDI Global Se A+ 81 Munchener Ruck.(Munich Re.) A+ 82 R + V. Versicherung AG AA-
83 VHV Allgemeine Versicherung AG A+
133 Insurance Federation of Egypt “IFE”
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FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 84 Wuerttembergische versicherung AG A- 85 GBG Insurance Limited B++ Guernsey AA+ 86 Jupiter Insurance Limited A 87 China Pacific Insurance Co. (H.K.) Ltd. A- China Taiping Insurance (HK) Company 88 A Limited 89 Chubb Insurance Hong Kong Ltd. AA- Hong Kong AAA Peak Reinsurance Company Limited 90 A- (Peak Re) 91 SCOR Reinsurance Co. (Asia) Ltd AA- 92 Sinopec Insurance Ltd. A+ 93 Taiping Reinsurance Company Limited A 94 General Insurance Corporation of India A- ICICI Lombard General Insurance Co 95 LTd 96 India International Insurance Pte. Ltd. A- India BBB- New India Assurance Company Limited 97 A-
98 Oriental Insurance Company Limited B+ Atradius Reinsurance Designated 99 A Activity Company 100 AXIS Specialty Europe SE A+ Eni Insurance Designated Activity 101 A Company 102 Ireland A- IronShore Europe Limited 103 Partner Reinsurance Europe SE A+ A+ 104 RGA International Reinsurance Co. dac. AA- 105 XL insurance company SE AA- 106 Zurich Insurance plc AA- A+ 107 Assicurazioni Generali SPA A 108 Generali Itallia S.P.A A Italy BBB SIAT - Società Italiana Assicurazioni e 109 A- Riassicurazioni p.A. 110 UnipolSai Assicurazioni S.p.A. A- 111 Japan AA- AIOI Nissay Dowa Insurance co. Ltd A+
Annual Report 2019 134
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 112 Mitsui Sumitomo Ins. Co. LTD A+ 113 Sompo Japan Nipponkoa Insurance Inc. A+ A+ 114 AIG General Insurance Co. Ltd. A+ The Toa Reinsurance Company, 115 A+ A Limited. Tokio Marine & Nichido Fire Insurance 116 A+ A++ Co. Ltd. Arab Orient Insurance Company (gig 117 B++ Jordan) Jordan B+ 118 First Insurance Company B++ 119 Middle East Insurance Company PLC B+ 120 Kazakhstan BBB+ Eurasia Insurance Co. JSC BBB- B++ 121 Kenya Re kenya B+ 122 ZEP-RE (PTA Reinsurance Company) B++ 123 Al-Ahleia Insurance Co. S.A.K.P A- A- A3 124 Kuwait AA Gulf Ins. And Reinsuerance Co. K.S.C A- A 125 KFH Takaful Insurance Company K.S.C. Baa2 126 Kuwait Reins. Co. A- 127 Lebanon B Arab. Re. Co. B+ Helvetia Schweizerische 128 Liechtenstei Versicherungs-Gesellschaft in A- AAA n Liechtenstein AG 129 StarStone Insurance SE A- Luxembourg AAA 130 AIG Europe S.A. A+ Malaysia A- 131 Barents Reinsurance S.A A ACR ReTakaful Berhad (ACR 132 - B++ ReTakaful) 133 Energas Insurance (L) Limited A 134 Malaysia A- Labuan Re A- 135 Malaysian re A- 136 Tune Protect Re Ltd B++ 137 Tokio Marine Global Re (Asia Ltd) 138 Munich Re Of Malta AA- Malta A- 139 QEL(Qic Europe Limited) A 140 Mexico BBB+ Reaseguradora Patria, S.A. (Patria Re) A
135 Insurance Federation of Egypt “IFE”
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FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST Gard Marine & Energy Insurance 141 Norway A+ (Europe) AS AAA Assuranceforeningen Skuld(Gjensidig) 142 A Norway 143 Morocco BBB- Société Centrale de Réassurance (SCR) B++ 144 Aegon N.V. A-
145 Netherlands AA+ Delta Lloyd Schadeverzekerina N.V. A 146 N.V. Nationale Borg Reinsurance A- 147 African Re. A- A Nigeria BB- 148 Continental Reinsurance Plc. B+ 149 Oman Oman Reinsurance National Reinsurance Corporation of 150 Philippine BBB B++ the Philippines Al Koot Insurance & Reinsurance 151 A- Company S.A.Q. 152 Doha insurance CO. Q.S.C A- A- Qatar AA Qatar General Insurance and 153 A- Reinsurance Company S.A.Q. 154 Qatar Insurance Co. S.A.Q. A A 155 Qatar Reinsurance Company Ltd. A 156 AlfaStrakhovanie OAO BB+ 157 Ingosstrakh Ins. Co. B+ Russia BB- INSURANCE COMPANY OF GAZ 158 B++ INDUSTRY SOGAZ 159 Russian National Reinsurance Company Malath Cooperative Insurance & 160 Baa2 Reinsurance Co. Saudi Arabia AA- Saudi Re for Cooperative Reinsurance 161 A3 Co. 162 Tawunia Ins. co. BBB+ 163 Sierra Leone D WAICA RE BB+ Asia CapitaL Rereinsurance group pte 164 A- A- ltd. 165 Singapore AAA First Capital Insurance Limited A 166 India International Insurance Pte. Ltd. A- 167 Samsung Reinsurance Pte. Ltd A 168 Slovenia A- Pozavarovalnica Sava, d.d (Sava Re) A A-
Annual Report 2019 136
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 169 Triglav Reinsurance Co A 170 Dongbu Insurance Co. Ltd Hyundai Marine & Fire Insurance Co. 171 A- A A Ltd. South Korea A+ Korean Re. (Korean Reinsurance 172 A Company) 173 Samsung Fire & Marine in. co. Ltd. AA- 174 Seoul Guarantee Insurance A+ 175 South Africa B- Munich Reinsurance Co. of Africa Ltd. A- Atradius Credito y Caucion S.A. de 176 A A2 Seguros Reaseguros Mapfre Global Risks compania 177 Spain BBB+ Intenacional de Sguros y Reasegrous A S.A MAPFRE RE, Compania de Reaseguros, 178 A A S.A. 179 IF P&C Insurance Ltd (Publ) A+ A2 180 Sweden AAA Lansforsakringar Sak Forsakrings AB A 181 Sirius Inter. Ins. Corp. A- A 182 Allianz Risk Transfer AG AA- Allianz Suisse Versicherungs- 183 AA- Gesellschaft 184 MS Amlin AG A 185 Basler Versicherung AG A+ Chubb Reinsurance (Switzerland) 186 AA Limited 187 Chubb Insurance (Switzerland) Limited AA Echo Rueckversicherungs - AG (Echo 188 A- Switzerland AAA Re) Helvetia Schweizerische 189 Versicherungsgesellschaft AG (Helvetia A Schweizerische Co.) 190 Omnium Reinsurance Co. SA A+ 191 Swiss Reinsurance Co. Ltd AA- A+ 192 Swiss Re Corporate Solution Ltd AA- A+ 193 Trans Re. Zurich A+ A+ 194 Validus Reinsurance -(Switzerland) Ltd A A A
195 Zurich Insurance Co. Ltd. AA- A+
137 Insurance Federation of Egypt “IFE”
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FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 196 Taiwan AA- Central Reinsurance Corporation A A 197 Thailand BBB+ Asian Re B+ Societe Tunisienne de Reassurance 198 Tunis BB- B+ (Tunis Re) (Tunisia) 199 Gulf Sigorta(Gulf Insurance Group ) A- 200 Turkey BB+ Mapfre Genel Sigorta S.A AA 201 Milli Re B+ 202 Abu Dhabi National Insurance Co. (PSC) A- 203 AIG MEA Limited A- 204 Al Ain Ahlia Co. 205 Al Buhaira National Insurance Co. (PSC) BB+ 206 Al Dhafra Ins. Co. 207 Allianz Risk Transfer AG AA- Berkshire Hathaway Specialty 208 AA A+ Insurance Company (BHSI) 209 Dubai Insurance Company A- 210 Emirates Ins. Co. (PSC) A- HDFC International life and Re 211 BBB U.A.E A Company Limited (HDFC International) 212 Korean Reinsurance Company A National General Insurance Company 213 A- (P.S.C.) 214 Oman Insurance Company P.S.C. A- A 215 Orient Insurance P.J.S.C. A A RGA Reinsurance Company Middle East 216 A Limited Swiss Re Corporate Solution Ltd 217 AA- A+ (branch) 218 Union Insurance Company P.S.C B++
219 AIG UK Ltd. A+ 220 Arch Insurance Co. (Europe) Ltd. A+ A+ 221 Aspen Insurance U.K. Ltd. A A UK AAA 222 Aviva Insurance Limited A+ A 223 AXA Corporate Solutions Assurance AA- 224 AXA Insurance UK plc Aa3
Annual Report 2019 138
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 225 AXA PPP HEALTHCARE LIMITED AA- Berkshire Hathaway International 226 AA+ Insurance Ltd. 227 Bupa Insurance Limited A1 228 Catlin Insurance Co. (U.K.) Ltd. A+ A
229 Chubb Insurance Co. of Europe SE AA A++ 230 CNA Insurance Co. Ltd. A 231 Ecclesiastical Insurance Office PLC A- A 232 Great Lakes Insurance (U.K.) SE AA- A+ 233 HCC International Insurance Co. PLC AA- 234 Hiscox Ins. Co. Ltd. A A International General Insurance 235 A- Company (UK) Limited International Insurance Co. of 236 A+ Hannover SE 237 Lancashire Insurance Co. Ltd. A- A 238 Legal & General Assurance Society Ltd. AA- A+ 239 Liberty Mutual Insurance Europe Ltd. A 240 Lloyd's A+ A 241 Markel International UK A A 242 QBE UK Limited A+ A 243 QBE Re (Europe) Ltd. A+ A 244 Royal & Sun Alliance Reinsurance Ltd. A 245 SCOR UK Company Limited A+ 246 Starr International (Europe) Limited A 247 Tokio Marine HCC A- A- 248 Tokio Marine Kiln Insurance Ltd. A+ 249 TransRe .London Limited A+ 250 Travelers insurance Co A++ 251 TT Club Mutual Insurance Limited A- 252 W.R. Berkley Europe AG A+ 253 Zurich Insurance plc AA-
139 Insurance Federation of Egypt “IFE”
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FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 254 ACE American Insurance Co. AA 255 AGCS Marine Insurance Company A+ 256 Allianz Global Risks U.S. Insurance Co. AA American Agricultural insurance 257 A Company 258 American Home Assurance CO. A+ 259 American International Group INC Baa1 260 American Life Insurance Co. (DE) AA- 261 Berkley Regional Insurance Co. A+ Berkshire Hathaway Specialty 262 AA+ Insurance Company 263 Continental Casualty Company A 264 Everest National Insurance Co. A+ 265 Factory Mutual Insurance Co. A+ 266 GBG Insurance limited USA B++ General Reinsurance Corporation (Gen 267 A++ U.S.A AA+ Re) General Security Indemnity Co. of 268 AA- Arizona 269 Houston Casuality AA- 270 Liberty Mutual Ins. Co. A A 271 MetLife Insurance Ltd. A+ 272 National Liability & Fire Ins. Co. AA+ A++ National Union Fire Ins. Co. Of 273 A+ A Pitisburgh Pennsylvania Navigators International Insurance 274 A A Company Ltd 275 New Hampshire Ins. A+ A 276 Odyssey Reinsurance Company A- A 277 Prudential Ins. Co. of America AA- A+ 278 State Automobile Mutual Ins Co. A- 279 Transatlantic Re. Co. A+ A+
280 Travelers Companies inc. A+
Annual Report 2019 140
FRA REINSURERS' LIST 2020
RATING COUNTRY Sr COUNTRY REINSURER A.M Rate S&Ps Fitch Moody's BEST 281 Zurich American Insurance Company A+ Pertolimex Insurance Corporation 282 B+ (PJICO) PetroVietnam Insurance Corporation 283 Vietnam BB- B++ (PVI) Vietnam National Reinsurance 284 B++ Corporation (VINARE)
141 Insurance Federation of Egypt “IFE”
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Annual Report 2019 142
Egyptian Insurance Market Directory
1 Misr Insurance Co. Date of Establishment: January 14,1934 Chairman& Managing Director: Mr. Moemen Mokhtar
44 A Dokki St., Giza
37607984 - 33355350
33368488 www.misrins.com
2 Misr Life Insurance Co. Date of Establishment: May 29, 1900
Chairman & Managing Director: Dr. Ahmed Abdel Aziz
15 Kasr El-Niel St. , Cairo 25769808 - 25749480
25792570 www.misrlife.com
3 Suez Canal Insurance Co. Date of Establishment: October 2,1979 Chairman: Mr. Mohamed Adel Managing Director: Mr. Sherif El- Ghamrawy 31 Mohammed Kamel Morsy St. Mohandesin- Giza
37601052 - 37601051
33354070
www.sci-egypt.net
143 Insurance Federation of Egypt “IFE”
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Egyptian Insurance Market Directory
4 Mohandes Insurance Co.
Date of Establishment: January 26,1980
Chief Executive Officer: Mr. Reda Fathy Ahmed
3 El Mesaha Square - Dokki - Giza.
33368101
33352697 www.mohandes-ins.com
5 Delta Insurance Co.
Date of Establishment: September 28,1980 Chairman & Managing Director: Dr. Adel Moussa Deputy Chairman: El-Sayed El-Gohary 14 Hasan Mohammed El-Razaz St. , Giza.
33352045 (10 Lines)
33358990 www.deltains.org
6 AIG Egypt Insurance Co. S.A.E
Date of Establishment: August 25,1993
Vice Chairman& Managing Director: Mr. Joseph Bejjani
44 Abdel Monem Reyad St. ,1st floor , Mohandesin - Giza
33082000
24617010 www.aig.eg
Annual Report 2019 144
Egyptian Insurance Market Directory
7 gig – Egypt Insurance Co.
Date of Establishment: October 28,1993 Chairman: Mr. Raafat Ateya El-Salamoni Managing Director: Mr. Alaa El-Zoheiry 13 Ma`ahadIshteraky St., Merryland , Heliopolis, Cairo.
24517620 – 24517622
24517595 www.amig.com.eg
8 Metlife Insurance Co.
Date of Establishment: October 24,1996 Chairman: MS. Elena Butarova Managing Director: Mr. Haythem El-Taher 75 South Teseen St. – 5th District, New Cairo
24619020
24619022 www.metlife.eg
9 AXA Egypt Life Insurance Co.
Date of Establishment: June 1,1999 Chairman: Mr. Hassan El-Shabraweeshy Managing Director: Mr. Ayman Kandil Plot 214 –The second area – 5th District–New Cairo
16363
27599333 www.axa-egypt.com
145 Insurance Federation of Egypt “IFE”
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Egyptian Insurance Market Directory
10 Co-operative Insurance Society Egypt (CIS) Co. Date of Establishment: 1998
Managing Director: Mr. Mostafa Abo El-Azm
115 Abbaseya St., Cairo
24883986 -24883988 -24883987
26845882 - 24883909 www. cisegypt.com.eg
11 Allianz Egypt Insurance Co. Date of Establishment as a free zone company: March 14, 1976 It has adjusted its situation in Egypt since 12/12/ 2000 Chairman: Mr. Ayman Hegazy Managing Director: Mr. Mohamed Mahran Building A1 - Cairo Festival City -New Cairo
37605445
37605446 www.allianz.com.eg
12 CHUBB Egypt Insurance Co.
Date of Establishment as a free zone company: December 25,1977 It has adjusted its situation in Egypt since 17/4/2001 Managing Director: Mr. Ihab El-Awady 3 Abo El-Feda St. Zamalek, Cairo 27360006 27360002
Annual Report 2019 146
Egyptian Insurance Market Directory
13 Allianz Egypt Life Insurance Co.
Date of Establishment: October 21,2001 Chairman: Mr. Ayman Hegazy Managing Director: Mr. Charles Twadros Building A1 - Cairo Festival City -New Cairo
37605445
37605446
www.allianz.com.eg
14 Royal Insurance Co. Date of Establishment: July 31,2001 Chairman: Mr. Khaled Ben Omar Ben Gaser Deputy Chairman: Mr. Hassan Darwish 22 El-Thawra St. , Dokki , Giza
33312999
37609685
www. royalinsurance.com.eg
15 Egyptian Saudi Insurance House Co.
Date of Establishment: January 30,2002 Chairman: Mr. Mostafa Ghazi Acting Managing Director: Mr. Mostafa Mohanna 15 Mosaddak St., Dokki , Giza
33377998 – 33377997
33355303
www.esih.com.eg
147 Insurance Federation of Egypt “IFE”
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Egyptian Insurance Market Directory
16 CHUBB Egypt Life Insurance Co.
Date of Establishment: August 12,2002 Chairman: Mr. Yasser Hesham El-Mallawany Managing Director: Mr. John Axel Bromley 3 Abo El-Feda St., Zamalek, Cairo
27396700
27396707 life.chubb.com/mea-en/egypt
17 QNB AlAhli Life Co.
Date of Establishment: April 7,2003 Chairman: Mr. Mohamed Osman El Dib Managing Director: Mr. Amr El Shemi 5,7 Gezeriat El Arab St. Mohandseen, Giza, Star Capital Building 27708100
27708133 www.qnbalahlilife.com
18 Bupa Egypt Insurance Co.
Date of Establishment: December 27,2002
Managing Director: Mr. Mohamed Bazzi Mivida Business Park, Bldg 3/B1, Parcel 33, 5th Settlement, New Cairo. 37628685
37628684 www.bupaglobal.com/ar/for-you/egypt-health-insurance
Annual Report 2019 148
Egyptian Insurance Market Directory
19 Egyptian Takaful Property & Liability Insurance (EGTAK) Co.
Date of Establishment: October 11,2006 Chairman Mr. Ismael Hassan Managing Director: Mr. Ahmed Arfeen 56 Gameat El Dowal El Arabia St.,Mohandessin, Giza
37626642 – 37626641
www.egtak.com
20 Egyptian Life Takaful Company – gig Co.
Date of Establishment: October 11,2006 Chairman: Mr. Raafat Ateya El-Salamoni Managing Director: Mr. Ramah Asaad 32 Nozha St., Heliopolis, Cairo
24137800
24138701
www.giglt.com.eg
21 Wethaq Takaful Insurance Co.
Date of Establishment: February 14, 2008 Chairman: Mr. Antar El Sayed Mostafa Managing Director: Mr. Adel Fatouri 25 Mosaddak St., Dokki, Giza
37623258 - 37623266
37623266
www.wethaq-egypt.com
149 Insurance Federation of Egypt “IFE”
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Egyptian Insurance Market Directory
22 ISKAN Insurance Co.
Date of Establishment: August 5,2008
Chairman & Managing Director: Mr. Hammam Badr
21/23 Administrative Nile Tower, Murad St., Giza
37477632
35686472 www.iskaninsurance.com
23 Arope Insurance Egypt (Life) Co.
Date of Establishment: June 17, 2008 Chairman: Mr. Fateh Wajeeh Bekdash Managing Director : Mr. Ali El Sisi 30 Mosadak St. – Dokki – Giza
33361390 -33361490
33361482
www.aropeegypt.com
24 Arope Insurance Egypt (Property & Liability) Co.
Date of Establishment: June 17, 2008 Chairman: Mr. Fateh Wajeeh Bekdash Managing Director: Mr. Medhat Saber 30 Mosadak St. – Dokki – Giza
33361390 - 33361490
33361482 www.aropeegypt.com
Annual Report 2019 150
Egyptian Insurance Market Directory
25 Libano Suisse Takaful – Egypt Co.
Date of Establishment: July 15,2008
Chairman: Mr. Michelle Faroon
Managing Director : Mr. Mahmoud Hanafy Tower Fakher 4, Othman Towers, Kornish El Nile, El
Maadi, Cairo
24174263 - 24174234
24174263
www.libano-suisse- takaful.com/egypt/english/home
26 Tokio Marine Egypt General Takaful Co.
Date of Establishment : October 5, 2008 Chairman: Mr. Hironari Abuakuma Managing Director: Mr. AtsushiYamakagi 51 Beirut St., Heliopolis, Cairo
24130600
24179363
www.tokiomarine.com.eg
27 Tokio Marine Egypt Family Takaful Co.
Date of Establishment : October 5,2008
Chairman: Mr. Hironari Abuakuma
Managing Director : Mr. Masaya Inagaki
51 Beirut St., Heliopolis, Cairo
24130600
24179363
www.tokiomarine.com.eg
151 Insurance Federation of Egypt “IFE”
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28 Orient Takaful Insurance Co. Date of Establishment: June 21,2009 Chairman: Mr. Omar Hasan El Amin Managing Director: Mohamed Abdel Rasool 59 Abdel Aziz Al Soud St., El Manyal, Cairo.
23628019
www.orienttakaful.com
29 Delta Life Assurance Co.
Date of Establishment: December 16,2010
Chairman: Mr. Saeed El-Alfy
Managing Director: Mr. Atef El-Zebak
10 Talaat Harb St., Evergreen Tower, 10th Floor, Cairo
25795515 - 25789358 - 25760341
25788156
www.deltalifeegypt.com
30 Suez Canal Life Insurance Co.
Date of Establishment: April 24,2012
Chairman: Mohamed Baghdady
Managing Director: Dr. Saeed Gabr
56, Gamet Al Dewal Al Arabiya St., Mohandessin, Giza,
33354399
33355616
www.scli-egypt.com
Annual Report 2019 152
Egyptian Insurance Market Directory
31 Mohandes Life Insurance Co.
Date of Establishment: April 30, 2014
Chairman: Mr. Ashraf Salman
Managing Director: Dr. Mohamed Abdel Latif Mourad
3 El Mesaha Square, Dokki, Giza , Egypt
33368101
33352697
www.mohandes-ins.com
32 AXA Egypt Insurance Co.
Date of Establishment: June 7, 2015
Chairman: Mr. Ayman Kandil
Managing Director: Mr. Ahmed Nassef Nile City Towers, North Tower, 18th Floor Cairo
24613613
24619940
www.axa-egypt.com
33 MISR EMIRATES Takaful Life Insurance Co.
Date of Establishment: 2015
Chairman: MR. Mostafa Ghazi
Managing Director: Mr. Ayman El-Alfi 3 Abo El-Feda St., Zamalek, Cairo
272 89 600
273 72 115
www. metlico.com
153 Insurance Federation of Egypt “IFE”
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Egyptian Insurance Market Directory
34 MEDGULF – Egypt Insurance Co.
Date of Establishment: 2016
Chairman :Mr. Lotfi Fadel El-Zein
Managing Director: Ms. Fatma El-Zein Building 233, Sector 2, City Center, Fifth Settlement, New
Cairo, Cairo 28111032
28111033
www.medgulf.com.eg
35 MISR Takaful Insurance Co.
Date of Establishment: 2017
Chairman & Managing Director: Mr. Ahmed Morsi
28 Talaat Harb St.,Downtown, Cairo
23945604
25752353
36 Sarwa Insurance Co.
Date of Establishment: June 27,2018
Chairman: Mr. Hazem Amr Moussa
Managing Director: Mr. Ahmed Khalifa 7 Shampilion St., 2nd Floor , Unit 3 , Cairo
25757775
Annual Report 2019 154
Egyptian Insurance Market Directory
37 Sarwa Life Insurance Co.
Date of Establishment: June 27,2018
Chairman: Dr. Adel Mounir
Managing Director: Mr. Peter Magdy 7 Shampilion St., 2nd Floor , Unit 4, Cairo
25757775
38 Alwataniya Insurance Company
Date of Establishment: May 20,2020
Chairman: Major General Abdullah Muhammad Mustafa
Managing Director: Mr. Hussein Atallah Hussein Tower (A) Police Buildings - Mehwar Al Shaheed Street -
Nasr City , Cairo
20807204
20807204
www.alwataniya.com
39 Mada Insurance Company
Date of Establishment: June 25,2020
Chairman: Engineer Abdel-Rahman Ahmed Al-Suwidi
Managing Director: Ms. Aliya Helmy Kharrashy
52 Lebanon Street – Mohandessin, Giza
33048753
33048758
155 Insurance Federation of Egypt “IFE”
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Insurance Pools Directory
1 Personal Accidents Pool for Passengers Travelling on the Railway/Metro or High Ways.
37 El Din Abul Ezz St.,Mohandessin, Giza
37622870
37622871
2 Decennial Risks Pool (for Civil Liability for Construction Work Hazards)
49 Nubar St., Bab El-Louk, Cairo
27940952
27957137
3 Compulsory Motor Insurance Pool.
122 El-Tahrir St., Dokki, Giza
33353629
33353689
4 Nuclear risks pool.
5 Natural Hazards Pool (under construction)
Annual Report 2019 156
IFE Management
Ms. Wafaa Mahmoud General Secretary.
Ms. Azza Gaber Mr. Mahmoud Samy Dr. Ashraf Ismael Deputy Executive Director General Secretary Assistant General Secretary Assistant for Technical Affairs for Administrative, Financial and Legal Affairs
[email protected] [email protected] [email protected]
Mr. Ashraf Abd El-Salam Mr. Ibrahim Abdel Dayem Chief Specialist of Chief Specialist of Technical Affairs Financial and Administrative Affairs [email protected] [email protected]
157 Insurance Federation of Egypt “IFE”