Egypt 10-year investments in insurance sector hit 102 bln pounds – official

The total investments of Egypt’s insurance sector reached 102 billion Egyptian pounds ($6.3 billion) over the past ten years, chairman of Financial Regulatory Authority (FRA) said on Tuesday.

“Shareholders’ equity rose to 35 billion pounds at the end of last June from 6 billion pounds in 2009,” Mohamed Omran said during a news conference.

Insurance sector is one of the most prominent financial activities, which have recently witnessed key developments, Omran added.

“FRA targets more developments to boost the sector’s contribution to the country’s GDP in the upcoming years,” he said.