Tarek Seif, vice chairman of the Egypt Financial Regulatory Authority, called for the Egyptian insurance market to shift its approach to fire risks from limiting losses after incidents to preventing, controlling and predicting them. Speaking at the opening of the Egyptian Insurance Federation’s Fire Risk Prevention Conference, he urged insurers to strengthen risk engineering and pre-loss and post-loss controls to improve underwriting, pricing and portfolio management. Fire insurance accounted for about 18% of total written premiums in 2025, with a 42% retention rate and a 37% loss ratio. Seif advocated greater use of artificial intelligence, data analytics and predictive models to supplement historical loss data with forward-looking risk assessments. He also called for the development of parametric and index-based products to extend insurance coverage to underserved groups and areas, consistent with the risk-based supervisory framework under the Unified Insurance Law of 2024.
2026-09-08Egypt Financial Regulatory Authority
Egypt Financial Regulatory Authority urges risk engineering and predictive tools for fire insurance
Egypt Financial Regulatory Authority Vice Chairman Tarek Seif urged insurers to place greater emphasis on fire risk prevention, control and prediction. Fire insurance represented about 18% of written premiums in 2025, with a 42% retention rate and a 37% loss ratio. He called for wider use of risk engineering, artificial intelligence, predictive analytics and parametric products.