I am delighted to be attending the 3rd Sharm El Sheikh Rendezvous as I did two years ago when I was fortunate enough to attend the first such event. Last year the second edition had to be postponed until now. The conference appears to be extremely well attended as it was also combined with the 27th FAIR General Conference and as such attracted delegates from over 35 countries.
The first day kicked off with a warm welcome and some very interesting keynote addresses from amongst others, The Egyptian Finance Minister H.E. Dr. Mohamed Maait, The Minister of Immigration and Egyptian Expatriate Affairs, H.E. Nabila Makram, the Vice Chairman for Financial Inclusion – Egypt Post, Mr. Khaled Emam in addition to the Key executives of both FAIR and the Egyptian Insurance Federation.
Clearly, Egypt has weathered the Covid Storms better than most countries and is embarking on an exciting investment program that aims to deliver even more prosperity to the country, more jobs, and improved living standards, earmarking excess of US$ 50 Billion in new projects/infrastructure, etc. It was gratifying to hear that the country’s deficit reduced during the tumultuous Covid period and GDP had grown well above the IMF’s expectations. For the Insurance industry, this makes Egypt an exciting place to be and an attractive environment for future investment. The subject of Micro Insurance was also discussed and new initiatives developed alongside Egypt Post which through its network of post offices can provide another valuable distribution network for these types of products and reach out to consumers in the lower-income bracket.
Overseas Tourism has yet to pick up and when this eventually does, the country will enjoy even more prosperity brought by the millions of foreign tourists who are no doubt keen to return to Egypt and enjoy all the magnificent sites and experiences that can’t be found anywhere else in the world. To stamp this message further, delegates were provided with a marvelous lecture presented by the organizer’s guest of honor, Former Minister of State for Antiquities Affair’s, Dr. Zahi Hawass, who as Omar Sherif modestly described him as his successor as Egypt’s most famous personality and undoubtedly remains the world’s foremost archaeologist! We clearly have still much more to look forward to as he ended his presentation declaring that Egypt’s sands have only revealed probably 1/3rd of what could be out there.
Over the next two days, the conference will tackle a number of subjects dealing with Insuretech, digitization, and the future transformation of the insurance industry.