Exclusive – Who’s Who to Adopt Bancassurance Services in Egypt

Amwal Al Ghad publishes the list of companies and banks that are granted the Egyptian regulatory approvals to apply the bancassurance service.

In this regard, Dr. Mohammed Maait – Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA) – revealed that 7 insurers obtained EFSA’s approvals to practice the bancassurance activities in cooperation with various banks.

Arab Misr Insurance Group – GIG-Egypt has obtained EFSA’s initial approval to launch the bancassurance services, Maait noted.

The Central Bank of Egypt (CBE) has set the required regulations to allow insurance companies and banks to offer bancassurance services after being suspended in 2007.

The bancassurance regulations and measures set by the CBE stressed on the necessity of covering risks related to bancassurance services along with separating banks’ activities from insurance companies’ as well as the adherence to transparency and disclosure requirements.

Banks willing to launch bancassurance services shall first submit a formal request to the Control and Supervision Sector before reaching any agreements with insurance companies.

The table below demonstrates the names of insurers and banks obtained the approval to launch bancassurance services:

Insurers

Banks

Arope Insurance Egypt – Life

BLOM Bank Group

Arope Insurance Egypt – Properties

BLOM Bank Group

Misr Life Insurance

Housing and Development Bank (HDB) and Egyptian Gulf Bank (EGB)

Allianz Life Insurance

Arab African International Bank (AAIB), HSBC, Banque Du Caire, Banque Misr, Crédit Agricole Egypt, Emirates NBD, Mashreq Bank, Piraeus Bank Egypt

Iskan Insurance

Housing and Development Bank (HDB)

NSGB Life Insurance Company

QNB ALAHLI

Commercial International Life Insurance Company

Commercial International Bank – Egypt (CIB)

Comments
Loading...