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The Egyptian Financial Supervisory Authority (EFSA) aims to apply the best international insurance standards and practices so as to regulate the market, said Ashraf El-Sharkawy, chairman of EFSA.
El-Sharkawy affirmed EFSA’s confidence in the insurance sector as it highly contributes to the economic development of Upper Egypt as insurance growth rates in this region exceed the growth rates achieved by other economic sector in the last years.
Despite the large compensations paid by insurers in the last period, the solvency positions of insurance companies are still reassuring as compared to other economic sectors, he noted.
