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Financial Authority updates insurance guidelines
The Egyptian Financial Supervisory Authority has issued a comprehensive update to the underwriting and pricing regulations in credit insurance and guarantee documents, aimed at enhancing financial stability and improving risk management in the sector. The decision stipulates that the insured party or the financing entity must bear at least 25% of the outstanding balance of the insured financing, with restrictions on transferring or modifying this percentage in a manner contrary to the policy. Additionally, the decision sets standards for assessing creditworthiness, mandates regular evaluations and studies on premium sufficiency, and requires the establishment of internal limits and risk concentration thresholds to reduce losses and improve the technical efficiency of companies. These measures are part of the ongoing development of the Egyptian insurance market, with companies required to align their operations within six months from the issuance date of the decision to ensure the implementation of the new policies and promote financial balance and stability.
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