Mal Bazaar, an Egyptian InsurTech startup, has strengthened its market position after acquiring a licensed insurance brokerage and securing approval from the Financial Regulatory Authority (FRA).
Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Egyptian insurance companies generated EGP22bn ($466.2m) in premiums in nominal terms during the first quarter (January-March) of this year, 20.9% higher than the EGP18.2bn during the corresponding quarter in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
The Financial Regulatory Authority (FRA) will establish an insurance pool for divorce risks after the long-awaited unified insurance law takes effect.
The Insurance Federation of Egypt (IFE) is reviewing the role of life insurance companies in dealing with the risks of climate change and ways to improve their functions in this arena.
The plenary session of the House of Representatives approved on 20 May the draft unified insurance law, finally.
The Insurance Federation of Egypt (IFE) is promoting employer liability insurance, which contributes to helping companies maintain safer workplaces by improving their risk management.
The amount of capital needed for the proposed establishment of a reinsurance company in Egypt with a high credit rating is estimated at $150m to $250m, according to Mr Gamal Sakr, African Reinsurance Company's regional director for North East Africa & Middle East.
The Financial Regulatory Authority is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.
Egypt's House of Representatives has given its in-principle approval for a draft unified insurance law that has been tabled in the parliament for several months.