The Egypt Financial Regulatory Authority’s chair, Mohamed Farid, used his keynote at the 2025 Middle East and North Africa Marine Insurance Forum to link marine insurance’s role in facilitating international trade with ongoing regulatory changes aimed at strengthening the Egyptian insurance market’s financial soundness. He pointed to the Unified Insurance Law as a step-change in the legislative framework, including new requirements that set minimum capital levels and oblige insurers to increase paid-up capital in two stages, reaching EGP 600 million in the second stage. The package also introduces rules and specified ratios for investing insurance and reinsurance funds, and mandatory timelines for preparing and presenting financial statements for insurers and insurance pools. Farid also highlighted the need to build and develop climate-risk databases to support planning in marine insurance, noting that insufficient data is a barrier, including for assessing carbon emissions from marine fuels, and cited the increasing frequency of severe natural disasters as a driver for more urgent development of climate-risk management tools.
Egypt Financial Regulatory Authority 2025-05-28
Egypt Financial Regulatory Authority chair outlines Unified Insurance Law capital and governance reforms and calls for stronger climate-risk data in marine insurance
At the 2025 Middle East and North Africa Marine Insurance Forum, Egypt Financial Regulatory Authority's chair, Mohamed Farid, emphasized marine insurance's role in international trade and highlighted regulatory changes to enhance the Egyptian insurance market's financial soundness. Key developments include the Unified Insurance Law, mandating increased capital requirements and new investment rules for insurance funds. Farid also stressed the importance of developing climate-risk databases for better planning and risk management in marine insurance.