Egypt launches first microinsurance company

A groundbreaking partnership signed on Thursday between Post for Investment Company and AXA Egypt has resulted in the establishment of Egypt’s first microinsurance company. The initiative, supported by the Financial Regulatory Authority (FRA) and the Ministry of Communications, aims to provide affordable financial protection to millions of Egyptians.

The launch of the microinsurance company marks a significant step towards enhancing financial inclusion in Egypt. It aligns with the government’s efforts to expand access to essential financial services, particularly for low-income individuals and communities.

Mohamed Farid, FRA Chairman, emphasised the significance of the partnership between the Postal Investment Company and AXA Insurance, highlighting it as a key milestone in the implementation of the Unified Insurance Law. He noted the law’s positive impact on market development and the creation of new opportunities, particularly in the financial sector.

The new company will offer a range of microinsurance products, including health, personal accident, life, and livestock insurance. These products will be available through various channels, including the extensive network of Egyptian Post branches.

The partnership between the Postal Investment Company and AXA Egypt leverages the strengths of both organizations. The Postal Investment Company brings its vast network and deep understanding of the Egyptian market, while AXA Egypt offers its expertise in insurance and financial services.

This collaboration is expected to play a crucial role in driving economic growth, promoting financial stability, and improving the lives of millions of Egyptians.

Attribution: The Egyptian Cabinet