26 November 2008
The Minister of Investment, Dr. Mahmoud Mohieldin urged insurance companies to expand their activities at the local and regional level and by partnering with Asian countries like Malaysia and Singapore in some new insurance products such as Takaful insurance. He asked companies to enter the Arab markets especially the Gulf markets and complete extension projects in Algeria, Sudan, Libya and Syria.
The Minister of Investment said that companies will have better opportunities for growth as they go beyond the local level.
A single supervising entity will be created for non-bank financial authorities including capital markets, insurance, mortgage finance and financial leasing, Dr. Mohieldin announced during the meeting held by the Insurance Holding Company to present the results of the first stage of the Egyptian insurance development program.
Dr. Mohieldin highlighted the good results achieved by the public insurance companies; Misr Insurance, National Insurance Company and Misr Real Estate Management Company, during the ended fiscal year. Thanks to the comprehensive reforms implemented in this sector, companies realized net profits of LE 920 million. Reforms included the development of insurance supervision structures, formation of one of the largest insurance institutions in Egypt and MENA region that is Misr Insurance Company. The National Insurance Company has been development and the law of compulsory insurance on automotives has been amended.
The Minister of Investment explained that citizens can recognize the developments recorded by the public insurance companies by obtaining the best and highest quality services and rapid access to claims, which used to be a major problem for clients in the past. He added that 22 insurance companies are competing to provide services of insurance and savings to citizens and families.
The Minister of Investment, Dr. Mahmoud Mohieldin urged insurance companies to expand their activities at the local and regional level and by partnering with Asian countries like Malaysia and Singapore in some new insurance products such as Takaful insurance. He asked companies to enter the Arab markets especially the Gulf markets and complete extension projects in Algeria, Sudan, Libya and Syria.
The Minister of Investment said that companies will have better opportunities for growth as they go beyond the local level.
A single supervising entity will be created for non-bank financial authorities including capital markets, insurance, mortgage finance and financial leasing, Dr. Mohieldin announced during the meeting held by the Insurance Holding Company to present the results of the first stage of the Egyptian insurance development program.
Dr. Mohieldin highlighted the good results achieved by the public insurance companies; Misr Insurance, National Insurance Company and Misr Real Estate Management Company, during the ended fiscal year. Thanks to the comprehensive reforms implemented in this sector, companies realized net profits of LE 920 million. Reforms included the development of insurance supervision structures, formation of one of the largest insurance institutions in Egypt and MENA region that is Misr Insurance Company. The National Insurance Company has been development and the law of compulsory insurance on automotives has been amended.
The Minister of Investment explained that citizens can recognize the developments recorded by the public insurance companies by obtaining the best and highest quality services and rapid access to claims, which used to be a major problem for clients in the past. He added that 22 insurance companies are competing to provide services of insurance and savings to citizens and families.
Dr. Mohieldin underscored the role of insurance companies in long-term investments in different productive projects, which hit unprecedented levels over the past three years.
-Ends-
© Press Release 2009
