Egypt – Compulsory ins. on microfinance customers
Wednesday, 06 13 2018, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority held a meeting with the chairmen and members of the boards of companies and organizations licensed to practice microfinance in order to explain the initiative of the Authority that wants to launch compulsory life insurance for the beneficiaries of microfinance loans in order to expand the social safety net. The authority discussed this initiative of life insurance in a sector representing 2.4 million Egyptians and is related to EGP 8.4 billion financing credits until the end of the first quarter of year 2018.
Moreover, a group life insurance scheme was considered against a symbolic premium not exceeding EGP 4 on a monthly basis.
Source: Al Mal News