Egypt: Federation to set up new microinsurance committee

Source: Middle East Insurance Review | May 2015

The Insurance Federation of Egypt (IFE) will form a new technical committee focussing on microinsurance, said Chairman Abd El Raouf Kotb, in line with moves by the government to promote microfinance in the country.

The microinsurance committee will help promote coverage for small projects to contribute to the eradication of poverty and unemployment and to support the Egyptian economy, as well as to create new insurance segments, reported Al Mal News.

The decision to set up the panel was made during a closed-door meeting of IFE’s technical committees, which discussed issues relating to insurance and finance for small enterprises. The meeting also discussed the microfinance law promulgated last year.

The law places such services offered by non-bank institutions under the supervision of the Egyptian Financial Supervisory Authority. Microfinance services offered by banks are regulated by the central bank.

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