by DR Nasser hussein
In a dialogue with Dr. Nasser Hussein, in Egypt ‘ s Vision 2030, the insurer, Walid Seyed Mustafa, a member of the Lost Insurance Union, and one of the leading insurance experts in Egypt and the Middle East, revealed the full features of seeing the insurance sector 2030.
Mustafa stressed that the vision was intended to double the role of insurance in the national economy and was based on 10 main interlocutors, emphasizing that sustainability, digital transformation and comprehensive health coverage for all Egyptians were the main pillars and the most important challenges during the next phase.
Mustafa identified the focus of the insurance vision 2030 as follows:
1. Expansion of insurance coverage and increased penetration of the sector and its contribution to domestic output, after the insurance premiums exceeded Pound110 billion this year.
2. The Unified Insurance Act strengthens the focus on micro-insurance and small and medium-sized enterprises to promote insurance awareness among the majority of Egyptians and low-income persons.
3. Provide the required coverage of major national projects to protect State investment.
4. Full digital transformation – InsurTech as a major engine of growth.
5. Sustainability and transparency to establish full confidence in the insurance market.
6. Product innovation and market development through: property insurance, agricultural insurance, cyberinsurance and expansion of specialized micro and medical insurance companies.
7. Developing human capital in the sector and attracting new young cadres.
8. Ensure first-class health coverage for all citizens with comprehensive development of service providers.
9. Green insurance, sustainability and carbon emission reduction to address climate change and support renewable energy.
10. Implement the concept of risk management and fully cover government assets.
Pound 110 billion.
In his statements to Dr. Nasser, Walid Seyed Mustafa confirmed that the premiums exceeded the 110 billion pounds barrier, but we are aiming to double the contribution of insurance to local output.
The Unified Insurance Act was a real breakthrough in micro-insurance. Insurance protection was an inherent right of a limited-income citizen before we could reach him.
InsurTech will also become obligatory, not luxury, by 2030 the client will issue his document and pay full compensation from the mobile phone.
The equation is clear, untrustworthy, unreliable, transparent and inclusive health coverage of 100% for all Egyptians. This is the triangle of success in seeing 2030
