FRA targets growing insurance industry share of GDP to over 1% in five years

The Financial Regulatory Authority (FRA) is planning to grow the insurance industry’s contribution to GDP to over 1% in five years, according to Youm7. FRA hopes to double insurance premiums to EGP 50 bn by 2022, up from EGP 24 bn. The authority’ strategy also targets raising the sector’s investments to EGP 150 bn by 2022, up from EGP 86 bn last year. It also wants to see the aggregate size of insurance funds reach EGP 100 bn from a current EGP 60 bn. The strategy, as we noted last week, would see FRA take full control of the sector with an eye towards growing the SMEs insurance sector. These would be done through amendments to the Insurance Act.