FRA looking to establish EGP 10 bn national reinsurance company that targets global players
EXCLUSIVE- FRA looking to establish EGP 10 bn reinsurance company that targeting national and African markets: The Financial Regulatory Authority is in talks with a number of government entities about setting up an EGP 10 bn reinsurance company, sources at the FRA told Enterprise yesterday. A number of government funds are expected to become shareholders in the firm, which will target both the local market and other African countries. A number of regional and global reinsurance firms, including players from Kenya and Morocco, have already expressed interest in the Egyptian market, the sources also said, adding that the new Insurance Act — which the FRA is expected to present to the Madbouly Cabinet in December — will outline the regulations that global players working here will have to abide. The FRA had announced earlier this year that it was drafting a new Insurance Act that would make it the primary regulator for the sector, governing everything from the establishment and licensing of insurance companies, to setting best practices and industry standards, and regulating transactions, contracts, and policies. The new act will also make insurance compulsory for SMEs.