Egypt’s FRA expands expatriate insurance scheme with unfair dismissal cover from 1 Aug.
Egypt will expand its voluntary insurance scheme for citizens living abroad from 1 Aug. by adding coverage for unfair dismissal while maintaining existing protection against accidental permanent disability and repatriation costs, the Financial Regulatory Authority (FRA) reiterated on Thursday.
The revised policy will be available for an annual premium of 400 Egyptian pounds ($7.84). It will provide compensation of up to 100,000 pounds for expatriate workers whose employment is terminated and who are forced to return to Egypt for reasons beyond their control, including collective repatriations resulting from political or economic developments.
The policy will continue to provide compensation of up to 250,000 pounds for permanent total disability resulting from an accident, while maintaining coverage for the cost of repatriating the insured’s body to Egypt in the event of death from natural causes or accidents.
The FRA said the expanded coverage follows a cooperation protocol signed earlier this month with the Ministry of Foreign Affairs, International Cooperation and Egyptians Abroad, in coordination with the Interior Ministry and the Egyptian Travel Insurance Pool, to strengthen insurance protection for Egyptians living and working overseas.
FRA Chairman Islam Azzam said the addition of unfair dismissal coverage responds to requests raised during last year’s Conference for Egyptians Abroad and reflects the state’s efforts to strengthen social protection for expatriates and respond to evolving conditions in overseas labour markets.
Under the agreement, the Egyptian Travel Insurance Pool will manage policy issuance, electronic premium collection, claims settlement and actuarial reviews. Meanwhile, the Foreign Ministry will promote awareness of the scheme and its benefits among Egyptian communities abroad through diplomatic missions and outreach programmes.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser