Page 76 - revue RDV 2024 (15_04)

76

which has affected the insurance industry positively, taken several steps in order to support the Egyptian
not only in helping underwriters to accurately assess society and State, spread the insurance concept,
and pricing risks, but also in finding methods to enhance the insurance industry and creating
minimize or mitigate the impacts of these risks. resilience among the Egyptian society. Some of
3. Conducting strategic partnerships with the these steps are:
concerned parties aiming at identifying the needs of 1. Establishing new specialized technical insurance
different segments in the community. commitiees which are:
- Microinsurance.
By relaying on these main pillars, insurance - Agricultural Insurance.
has succeeded in design insurance products - Sustainability.
and schemes that address the different types of Through these commitiees we have succeeded
emerging risks and uncertainties; for example, but in identifying the insurance needs of different
not limited to: segments of society, and we have developed
1- Parametric insurance, and Weather index several insurance products after being approved by
insurance the regulator. These products are:
They are mainly used in the field of agriculture - Horticultural crops insurance.
for crop insurance in order to address the losses - Strategic crops insurance.
resulted from natural disasters and climate events. - Life insurance for informal workers.
2- Microinsurance 2. Studying the establishment of a Nat Cat insurance
That is targeting the low-income segments and Pool in the Egyptian market to address the natural
providing protection against several types of risks, risks.
such as (loss of income, hospital cash, microfinance 3. Encouraging entrepreneurship and partnerships
loans, life and savings insurance…etc.) that will enhance the insurance market and creating
3- Personal Accident Insurance resilience among society.
It provides compensation for injury, disability, or In conclusion it has made clear that insurance is an
death caused by an event that is unforeseen, effective tool that gives the person peace of mind
unexpected, and unintended. by supporting the insureds against sudden shocks,
In Egypt, as an example for what is mentioned and this is what insurance can provide in a world
above, the Insurance Federation of Egypt had full of changing uncertainties.