Dr. Mohamed Farid, the chairman of Egypt’s Financial Regulatory Authority (FRA), emphasized the critical role of data in enhancing the insurance market, particularly pointing out that data scarcity hinders effective risk assessment and insurance pricing. During the Cairo ICT Conference 2024, he highlighted that insufficient data is a significant barrier to the adoption of agricultural insurance in the country, stressing the need for improved access to weather data for better crop insurance pricing. Additionally, Alaa El-Zoheiry, chairman of the Insurance Federation of Egypt, announced a partnership with FinTech company E-Finance Group aimed at promoting agricultural insurance by facilitating data access. The FRA is also working on establishing a regulatory framework to digitize non-banking financial transactions, aligning with Egypt’s Vision 2030 for a knowledge-based digital economy.
