Egypt Financial Regulatory Authority signs protocol adding unfair dismissal cover of up to EGP 100000 to insurance policy for Egyptians abroad

The Egypt Financial Regulatory Authority signed a cooperation protocol with the Foreign Ministry to expand the voluntary insurance policy for Egyptians working abroad, adding optional unfair dismissal coverage from Aug. 1. The new benefit provides compensation of up to EGP 100,000 when an employment relationship is terminated and the worker is repatriated for reasons beyond their control, including collective returns caused by political or economic conditions. The amended policy will be offered to Egyptians working and residing abroad through the dedicated platform at an annual premium of EGP 400. It will continue to cover permanent total disability caused by an accident for EGP 250,000 and natural or accidental death, including repatriation of the body under the policy terms. Under the protocol, the Foreign Ministry will promote awareness of the policy through its channels and contacts with Egyptian communities abroad, while the authority, through the Egyptian Travel Insurance Pool, will put in place issuance and electronic premium collection mechanisms, support faster compensation payments and conduct actuarial reviews of pricing based on actual results. The authority said the enhancement follows requests raised at the sixth conference for Egyptians abroad and comes after last year's policy update led to 448,000 policies being issued with EGP 110 million in premiums, following an increase in the insured amount from EGP 100,000 to EGP 250,000.