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: