In a keynote speech at the AFCII 2025 microinsurance conference, the Egypt Financial Regulatory Authority outlined a near-term rulemaking agenda for the insurance market, including forthcoming requirements on consumer protection and the handling and adjudication of complaints for insurance activities and related services. The Authority also flagged upcoming solvency rules using risk-based capital methodologies, alongside governance requirements for entities subject to the Unified Insurance Law. Planned governance rules are expected to cover board composition and diversity of expertise, representation of independent members and women, and the organisation of board committees including internal audit, risk, technology and investment. The speech also referenced regulatory measures already taken under the Unified Insurance Law, including new minimum capital requirements that require insurers to raise capital in two stages to EGP 600 million in the second stage, investment rules for insurers’ and reinsurers’ funds, mandatory timelines for preparing and presenting financial statements, and frameworks for calculating and setting technical provisions for both property and liability insurance and for personal lines and savings formation. For microinsurance, the Authority highlighted increases in the maximum coverage limit from EGP 100,000 in 2016 to EGP 200,000 in 2021 and EGP 242,000 in 2024, with subsequent increases to EGP 250,000 and to EGP 312,500 for 2025, and noted that specialised microinsurance insurers can be established with a minimum capital of EGP 40 million. Market indicators cited for the financial year ended 30 June 2024 included 15 insurers issuing microinsurance policies, around 2.3 million policies, and 10.5 million insured clients, up 10.3% year on year, alongside ongoing work to expand digital issuance of standardised policies, including microinsurance, and implement supporting fintech infrastructure rules. The consumer protection and complaints framework was described as due to be issued soon, with the governance rules to follow in the coming period.
Egypt Financial Regulatory Authority 2025-05-09
Egypt Financial Regulatory Authority to issue insurance consumer protection, complaint-handling and governance rules under the Unified Insurance Law
The Egypt Financial Regulatory Authority announced a near-term rulemaking agenda for the insurance market, focusing on consumer protection, complaints handling, and risk-based capital solvency rules. Planned governance rules will address board composition, diversity, and committee organization. The Authority also highlighted measures under the Unified Insurance Law, including capital requirements, investment rules, and increased microinsurance coverage limits.