In opening remarks at the African Insurance Organisation conference in Cairo, the Egypt Financial Regulatory Authority outlined its ongoing implementation of Egypt’s 2024 Unified Insurance Law, centred on wider insurance access through microinsurance, digital distribution and products for underserved households and smaller businesses. The authority framed the update as part of efforts to raise insurance penetration and broaden financial and social protection. It said about 80 executive decisions have been issued over the past two years. Two companies have been approved to use fintech for mobile app policy issuance, digital identity verification, electronic know your customer checks and digital contracting, and more than 10 other insurers have applied for similar approval. The authority also cited two projects admitted to its sandbox, new reinsurance standards, first-time registration rules for managing general agents, a completed framework for specialised medical insurance and health care programme management, six temporary licences in that segment, and approval for two new microinsurance companies. Broader market measures include distribution through banks, post offices, e-commerce platforms and telecom companies, with about 11 insurers selling through branches of 30 banks, alongside revised technical provision and reserve rules, a tenfold capital increase, IFRS 17 and updated complaints-handling standards. Four firms have applied for final licences in specialised medical insurance, a third microinsurance application is under review, and the authority is studying a full electronic link with all non-bank financial sectors to support data analysis and supervisory processes.

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