Al-Time: The development of the institutional insurance sector is the most important trend at present
The value of the premiums of Misr Life Insurance, a subsidiary of Misr Holding Group, achieved through the bank insurance mechanism with the National Bank of Egypt, amounted to about one billion pounds within a year.
Basil El Henry, President of Egypt Insurance Holding Company, said that “Misr Life Insurance” was able to penetrate the bank insurance market strongly and achieved from one contract with the National Bank of Egypt the volume of installments approaching one billion pounds within one year only.
In a press release on the sidelines of the breakfast ceremony organized by the French Chamber of Commerce in Egypt, El Henri added that the biggest challenge is the size of the insurance market, explaining that increasing awareness is an important element in the efforts to develop the market, but its effects only appear in the long term.
He added that the required booms in the size of the market will only be achieved by extending the umbrella of compulsory insurance, expanding the use of technology, and increasing the number of producers who transfer this service to the market, noting that Egypt has only about 13 thousand products, half of whom are in the Misr Insurance Holding Group, and this number is not commensurate with 100 million Prime Time Zone.
“The current trend is to promote the insurance sector in general, and to enhance the leadership of the government insurance sector through institutional development and digital transformation, in order to ensure the implementation of a viable strategy.”
He explained that the insurance sector is a major axis in supporting financial inclusion and achieving the state’s strategy to achieve digital transformation. It is also one of the most important means to increase savings and public and private investments. It is an important service sector that has benefits and indispensable functions for both individuals, the state and institutions, and has become a necessity of the times. It is a measure of the civilization of nations, because of the economic and social benefits it provides, and it contributes to the acceleration of growth.
He continued: “Undoubtedly, after many years of work and effort, we are still facing one of the most important challenges that hinder the launch of the insurance industry in Egypt and the Arab world, which is the absence of insurance awareness for a large segment of society, so development plans in the coming period focus on achieving tangible progress. In increasing the awareness of members of society, as well as the business community, of the importance of insurance as a means of managing risks, using an application of information technology to promote insurance activity and its importance.
The President of Misr Insurance Holding Company stressed that targeting companies to raise insurance awareness must start from the early stages of life through schools to inculcate the correct concepts of insurance, namely protection, saving and investment in young Prime Time Zone.
While not denying the importance of awareness campaigns through the media, starting with the younger generation remains the first option in his opinion.
The article is one billion pounds from the proceeds of the installments of “Misr Life Insurance” through the National Bank during a year that was written in the Al-Borsa newspaper.