Microinsurance is not merely a limited-impact insurance product but one of the chief tools in achieving economic and social empowerment for marginalised groups and those with limited income, said the FRA vice chairman Dr Islam Azzam.
He said this in a keynote speech delivered at the 4th Microinsurance Conference and the 10th Regional Conference on Insurance Inclusion in Africa and the Middle East, organised by the Federation of Egyptian Insurance Companies on 7-9 May 2025.
Dr Azzam said that the microinsurance market in Egypt posted remarkable growth during the fiscal year ended 30 June 2024 (FY2024), with the number of insurers engaged in this branch reaching 15, including six P&C insurance companies and nine life insurers,
He explained that these insurance companies issued approximately 2.3m policies, while the number of insured customers rose to 10.5m in FY2024, a 10.3% increase over the previous year.
He also pointed out the significant development in the maximum microinsurance coverage, which gradually increased over time to EGP312,500 ($6,163) in 2025 from EGP100,000 in 2016, in line with economic changes and beneficiary needs.
He stressed that the FRA attaches special importance to empowering groups not covered by insurance by supporting the establishment of companies specialising in microinsurance. The minimum capital requirement for these companies is EGP40m.
Dr Azzam added that insurance initiatives will be extended to the agricultural sector, providing coverage for crops, livestock and poultry, enhancing food and economic security for farmers.
The FRA has been developing the regulatory framework for microinsurance since 2016. The Unified Insurance Law, approved in 2024, contains several provisions relating to microinsurance. For instance, it allows the establishment of standalone microinsurance companies to operate as composite insurers. M