Egypt – Regulator issues microinsurance regulations
Thursday, 11 03 2016, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority issued a decision, which regulates for the first time microinsurance in Egypt. The regulations allow the electronic issue of contracts, which is a major step to extend insurance services to new brackets of society and improve financial inclusion in Egypt. Mr. Sherif Samy the chairman of the Authority clarified in a public release on Wednesday that the regulatory decision defined microinsurance as any insurance service targeting low income persons in property and personal lines in order to protect persons against risks by paying a premium equivalent to the insured risk in the allowed lines provided the value of the insurance contract does not exceed EGP 100 thousand.