Non - Banking Financial

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The req. of Tech. structure & info. security systems for hosting providers
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Private insurance funds are closely connected to the insurance sector. It is another form of savings instruments. Private insurance funds are insurance systems that are registered to be separate from the entity which formed it. Such Funds are formed to grant benefits to a group of employees in the entity, these are insurance benefits, additional pensions, social benefits or health care. The Private Insurance Funds Law No. 54 of 1975 and its Executive Regulations regulate this activity in Egypt. Within the framework of developing the rules governing private insurance funds, the Executive Regulations of the said law was amended in 2015.

The number of Funds registered at the Authority’s registry reached 664 funds by the end of 2017 compared to 646 in the previous year. The number of members by the end of this period was 4.722 million members compared to 4.712 million members last year. Total contributions (including entities’ contributions) is about 7.6 billion pounds this year compared to 7.4 billion pounds with an increase of 2.7%.

The total assets of the Funds was amounted to 67.89 billion pounds by the end of 2017 compared to 60.61 billion pounds in the previous year recording an increase of 12.0%. On the other hand, the reserve funds reached 63.8 billion pounds this year compared to 56.3 billion pounds last year recording an increase of 13.4%.

As for total investments, it reached 61.0 billion pounds by the end of 2017 compared to 54.6 billion pounds in the previous year with an increase of 11.9%. Meanwhile, net investment income this year was amounted to 7.0 billion pounds compared to 5.5 billion pounds recording an increase of 27.8%.

It is worth mentioning that the insurance benefits paid this year rose to 7.1 billion pounds compared to 6.5 billion pounds last year with an increase rate of 9.2%. Thus, this reflects the important role played by such Funds at the national level, besides its role in the social dimension due to the cash amounts saved in these funds which considered as safety valve for its members and this confirms the prominent role played by private insurance funds.