Wafa Life Insurance Egypt, a subsidiary of Wafa Assurance that is one of Morocco's biggest insurers, has launched coverage for corporate clients to expand its operations.
The Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies among several moves to adopt measures to enhance their cybersecurity system and protect sensitive IT systems and data.
Insurance experts have listed several issues and recommendations that should be placed on the agenda of Egypt's reshuffled government's to advance the insurance industry.
The Insurance Federation of Egypt (IFE) and the Financial Regulatory Authority (FRA) are collaborating through the Sustainable Insurance Roadmap Committee to develop a sustainable insurance strategy for the Egyptian insurance market.
The Insurance Federation of Egypt (IFE) says that for insurance companies to adapt successfully to rapidly changing risks, there is a need to find new ways of working supported by a more flexible workforce with diverse capabilities.
Insurance companies in Egypt should establish a special department within their organisations to handle natural disaster management, according to insurance broker Ihab Kader.
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.