Egypt – Microinsurers to be established
Tuesday, 05 08 2018, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority will allow the establishment of specialized microinsurers that could sell both life and property insurance at the same time without having to split their limited capital compared to conventional insurers that have to separate these two lines.
This is a new step adopted by the Authority in order to finalize the draft law amending law No 10 of year 1981 on insurance regulation and supervision.
Moreover, the authority said that by allowing microinsurers to sell both life and property, they would be enabled to apply the law of large numbers and increase their capacity to underwrite risks.
Source: Al Mal News