Egypt – Competition on the coverage of 13 million workers
Tuesday, 03 22 2016, Category: Insurance and Reinsurance, Country: Egypt
An informed source at a large insurance company said that there is a very strong competition between 5 “life insurance” companies in order to provide “complementary pensions”, which provide insurance coverage to more than 13 million temporary workers according to the latest statistics. The government failed to provide any insurance coverage to those workers. The competing insurers are “Misr Life Insurance”, “Suez Canal Life Insurance”, “Delta Insurance”, “Misr Emirates Takaful Life Insurance” and “Egyptian Takaful Life”. The official added in statements made to “Innfrad” news that the policy offers the worker or peasant benefits at death or total disability amounting to EGP 40 thousand where the monthly premium is EGP 80. The policy offers as well a monthly pension to the contributor when he reaches retirement age for 15 years according to the period of contribution. The policy can offer alternatively a lump sum at retirement according to the period of contribution. The amount of pension ranges between EGP 700 monthly and can reach for some age brackets EGP 1400. The average lump sum is EGP 50,000 and can reach for some age brackets EGP 125,000.