The Financial Regulatory Authority, represented by Dr. Tarek Seif, Executive Director of the Financial Services Institute, the Authority’s training arm, participated in the joint meeting of the Emerging Markets and Developing Economies Group (EMDE) and the Insurance Protection Gaps Task Force (PGTF) of the International Association of Insurance Supervisors (IAIS), which was hosted by the Moroccan capital, Rabat.

This participation came after Dr. Tarek Seif was selected as a member of the Insurance Protection Gap Working Group for Natural Disasters of the International Organization of Insurance Supervisors, as the first Egyptian to join this specialized group representing the Financial Regulatory Authority.

The International Association of Insurance Supervisors (IAIS) is the global body responsible for setting supervisory principles and standards for the insurance sector. It includes more than 200 supervisory and regulatory bodies around the world, and aims to promote financial stability, protect policyholders, and develop supervisory frameworks in accordance with best international practices.

The meeting participants discussed risk-based solvency systems, digital innovation and cybersecurity risks, value proposition for consumers, and public-private partnership insurance programs.

The discussions addressed ways to support regulatory bodies and policymakers in developing the necessary regulatory frameworks to address insurance protection gaps, and to enhance the ability of insurance markets to provide more efficient and sustainable risk management solutions, in cooperation with a number of international institutions, most notably the World Bank.

The Egyptian participation confirms the growing status of the Financial Regulatory Authority within international organizations and forums concerned with the insurance sector, and the growing confidence in Egyptian expertise and competencies and their ability to contribute to discussing and formulating global issues related to insurance and sustainability.

Egypt’s joining the Natural Disaster Insurance Protection Gap Working Group contributes to enhancing its international presence regarding the future of the insurance industry, as well as exchanging experiences with regulatory bodies and international institutions.