The Financial Supervisory Authority reveals the establishment of an insurance fund for state facilities

Counselor Reda Abdel-Moaty, Vice-President of the Financial Supervisory Authority, said that the file of insurance on state assets was raised in the insurance sector in Egypt about a year ago, and the state decided to implement this file gradually in partial stages by providing insurance coverage in the first stage on facilities, which is meant for buildings Only, and indeed, a committee was formed headed by Dr. Mohamed Maait, Minister of Finance, with the membership of a number of specialized agencies, to study how to insure state buildings and facilities; Because the cost of insuring all state assets will require huge sums, so I decided to start by insuring only facilities.

And Abdel-Moati explained, in a video interview for “The Seventh Day”, that insurance on state assets includes state-owned facilities, projects, water and electricity plants, roads and bridges owned by the state, and most countries of the world provide insurance coverage on these assets to disburse compensation in the event of any danger. It faces these assets, which enables it to repair any damage, but due to the high cost, it was decided to limit insurance coverage to facilities in the first stage.

Reda Abdel-Moaty added that the government committee to study the insurance file on state facilities has settled on establishing a fund that provides insurance coverage for state facilities, by collecting contributions from the parties that will provide insurance to them, and compensating if they are injured by any damage, whether fire or partial collapse, according to risk situations. and the value of the installments to be determined by the fund, following up on a study on how to finance the fund’s installments; Because some government agencies are difficult to provide financing to pay the premiums, such as local units, and therefore search is underway for sources to finance the fund's resources.

The Vice-President of the Financial Supervisory Authority stated that the State Facilities Insurance Fund can undertake the insurance itself on the buildings or seek the assistance of insurance companies to provide insurance coverage on some facilities or reinsurance abroad if it so desires.