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Positive long-term outlook for insurance sector in Egypt; focus on Takaful: EY
Cairo - The long-term outlook for the insurance industry in Egypt remains positive in the wake of improving political stability and economic prospects. The latest trends, challenges and opportunities in the Egyptian insurance and Takaful sector will be discussed today at the insurance workshop led by EY, in association with the Egyptian Financial Supervisory Authority (EFSA) and Financial Services Institute (FSI).
The workshop will be attended by leading insurers, brokers and insurance practitioners, featuring sessions on regional Takaful developments, regulatory developments and the potential for the growth of Takaful products in Egypt. The results of the recently conducted EY MENA Enterprise Risk Management (ERM) survey will be shared at the event, highlighting the importance of ERM for the daily activities and long-term sustainability of insurance companies.
Emad Ragheb, Managing Partner, EY, Cairo, says:
"Together with the EFSA and FSI, EY is bringing together key decision makers, providing an open dialogue amongst participants, encouraging debate, sharing best practices, experiences and insights that will benefit the overall development of the Egyptian insurance market."
Sanjay Jain, MENA Insurance Leader, EY says:
"The newly issued regulations around bancassurance, Takaful, minimum capitalization, and online distribution of products, are expected to help the growth of the insurance market in Egypt. The recent entry of a number of new players, through transactions and greenfield investments, bodes well for the attractiveness of the market. Having said this, the industry faces a number of challenges. Insurers need to pre-empt demands from their customers and remain adaptive to the changing market landscape. The economic environment is expected to remain challenging due to lower oil prices, hence insurers need to look for niche growth avenues and become operationally efficient whilst remaining regulatory compliant, to deliver on stakeholders' expectations."
Sessions will be led by subject matter experts on Takaful and risk management from EY's MENA insurance practice: Dr. Sandeep Srivastava, Partner, Financial Risk Advisory Services; Akram Reda, Egypt Advisory Services Leader; Adeel Mushtaq, Director, Financial Advisory Services; Youssef Zeineddine, Senior Manager, Financial Services Advisory; and Jonathan Matchett, Senior Manager, MENA Insurance Advisory.
"The Takaful industry in Egypt is expected to grow in 2016 as more players enter the market to meet the robust demand for Islamic insurance products and services," concluded Sanjay.
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About EY Insurance Services
EY has a dedicated global insurance practice with 9,500 professionals around the world. Within MENA, EY has a dedicated insurance sector team, comprising of experienced industry professionals, that work with global and regional insurers across the MENA insurance sector. The multidisciplinary team at EY offers an extensive range of services, including performance improvement, risk, IT transformation, fraud prevention and investigation, tax and transaction advisory services.
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The MENA practice of EY has been operating in the region since 1923. For over 90 years, we have grown to over 5,000 people united across 20 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of all our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region."
© 2016 Ernst & Young.
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© Press Release 2016
