Egypt – Microinsurance supports the national economy
Friday, 11 11 2016, Category: Insurance and Reinsurance, Country: Egypt
Insurance industry experts in Egypt welcomed the issuance of the microinsurance law in light of the situation that the country is going through as well as the difficult economic crisis. Experts confirmed that the new law would improve the growth of the insurance sector and help reach new population categories in the different remote regions in collaboration with microfinance institutions in different Egyptian governorates.
Mr. Abdel Raouf Kotb the president of the Insurance Federation of Egypt said that the federation decided to establish a technical committee in order to study the conditions of insurance. This committee is formed of 20 member representing companies and entities interested in small and medium-sized projects.
He added that the committee aims at studying all the insurance products related to this type of insurance, which has its own rules especially given that it deals with low income and poor persons as well as small industrial and commercial companies.
Source: Veto Gate