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Financial Supervision Authority: 39 companies issue electronic insurance documents in 2020



The Financial Supervisory Authority has revealed that the Authority has approved 4 insurance companies to issue electronic insurance documents. Thus, the total cumulative number of companies obtaining electronic issuance approvals will be 39 companies, which represents most of the insurance companies operating in Egypt, as part of the Authority’s support for the transformation of the insurance sector into Using digital technology to issue and distribute standard insurance policies that do not require complicated underwriting steps.

 

The Authority said, in its annual report, that the insurance sector is one of the most important non-banking financial services activities, and is included in the sectors that contribute to the gross domestic product, and is complementary linked to other economic sectors, and the insurance sector contributes to managing risks to economic assets, which makes it the most prominent tools The stability and continuity of these sectors in their activities, and the Authority was keen to activate the contribution of the insurance sector to the gross domestic product by updating the legislation regulating this activity.

 

Total premiums increased to reach 40.1 billion pounds during the past year, compared to 35.2 billion pounds in 2019, an increase of 14%. Private insurance funds investments amounted to about 83 billion pounds in 2020 compared to 76 billion pounds in 2019, an increase of 10%. .

 

The volume of financing granted by real estate finance companies during 2020 amounted to about 3.4 billion pounds compared to 2.6 billion pounds in 2019, an increase of 31%, and with regard to financial leasing, the value of contracts reached nearly 59 billion pounds in 2020 compared to more than From 56 billion pounds in 2019, an increase of 5%.

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