Gov’t looking to legislate insurance on state buildings

The government is studying drafting a law that would insure state buildings, Finance Minister Mohamed Maait said, without providing further details on what the legislation would entail. The bill would come as part of several initiatives the government, Financial Regulatory Authority (FRA), and the Insurance Federation of Egypt are looking to introduce to stimulate the country’s insurance sector, according to Maait. The three are also eyeing opening the door for healthcare and insurance companies to contribute to the implementation of the Universal Healthcare scheme. The minister did not offer further details. The Insurance Act, which is currently under review by the FRA board, is expected to introduce compulsory insurance for SMEs and public gatherings and venues, including malls and concerts.