Giza-based health maintenance organisation (HMO), Unicare, intends to transform itself into a specialised medical insurance company.
Dr Amr Hamza, chairman and CEO of UniCare, told the publication Amwal Al-Ghad that the company plans to realise this, in line with the newly enacted Unified Insurance Law.
Egyptian President Abdel-Fattah el-Sissi ratified the Unified Insurance Law which was published in the Official Gazette on 10 July 2024. The new law regulates the status of healthcare companies operating under the HMO system, either by converting to standalone medical insurance companies or healthcare management companies under the TPA system.
He said that work is currently underway to complete the necessary documentation to be submitted to the Financial Regulatory Authority. He said that expectations are that the preparation and lodgement of all required documentation would be completed before the end of 2024.
Dr Hamza added that the paid-up capital of UniCare currently amounts to EGP50m ($1.04m), which means that it would be easy to meet the required minimum capital of EGP60m for a standalone health insurer under the new law.
Unicare, established in 1998, states on its website that it has a customer base of around 300,000 customers to whom it provides tailor-made healthcare programmes in Egypt.