Two Egyptian insurance startups get brokerage licences – sources

Two new insurance companies have recently received a three-year licence for insurance brokerage activity, official sources in Egypt’s Financial Regulatory Authority (FRA) said on Wednesday.

The two companies are named Hayah and Brokerage, the sources further told Amwal Al Ghad.

“The new companies have issued capitals worth around 2 million Egyptian pounds ($123,218), the sources said.

Last November, FRA granted Egypt’s Sky Insurance Brokerage a three-year insurance brokerage licence. A month earlier, the regulator granted three insurance startups; Optimum Performance Insurance, Osool Insurance Brokerage, and Alliant Insurance Services the licence.