Misr Life Insurance clinches cover deal with 4 Egyptian microfinance companies

Egypt’s state-run Misr Life Insurance says it has signed insurance policy agreements with four local microfinance companies.

The four companies are Reefy, Fawry Microfinance, and Aman for Microfinance as well as Al Tadamun Microfinance Foundation, said Misr Life Insurance’s chairman and chief executive Ahmed Abdel Aziz on Sunday.

The deals will see Misr Life provide the insurance coverage for the companies’ clients, who have received microfinances according to limits of coverage of a loan or the remaining loan balance, Abdel Aziz told Amwal Al Ghad.

In March 2018, Misr Life Insurance has signed a deal with the National Bank of Egypt, Banque Misr, Banque du Caire, and Agricultural Bank of Egypt to issue Aman life insurance certificates to provide a safety net for temporary labourers.

The certificates, designed on the directive of President Abdel Fattah al-Sisi to provide decent incomes for the families of marginalised groups, are available at the four banks.

One certificate is worth 500 Egyptian pounds ($30.30), and up to five can be bought on the presentation of ID to any of the four banks. The three-year life insurance certificates can be renewed twice.

In cases of accidental death, the beneficiaries receive between 50,000 pounds and 250,000 pounds, depending on the number of certificates the insured person had bought.