HE Mr. Mansour Bteich highlighted the “importance of the major role of the Insurance sector, on which he places strong expectations as a partner in driving the national economy.”
The statement of HE came during his meeting with the Acting Head of the Insurance Control Commission Mrs. Nadine El Habbal, where topics related to the development of the sector were discussed.
HE stated that “the insurance sector is naturally called to play a much bigger role in the financial services sector, namely in its capacity to protect the income of policyholders and the assets that drive the economy, complementing hence the respective roles of the banking and financial markets sectors. The growth opportunities are out there, and reside essentially in innovation, digitalization, and diversification through market segments and insurance products. We expect that the sector can double in size within a relatively short period of time, while keeping good profit margins.
The main objective during my mandate will be to foster the implementation of Insurance Core Principles, particularly through a Risk-Based Capital framework, sound governance, the combat against conflict of interest, and the enhancement of transparency towards policyholders and investors”.