Egypt: Allianz has biggest number of bancassurance tie-ups

Source: Middle East Insurance Review | Nov 2016

Allianz Egypt, which is part of Germany’s Allianz Group, has tie-ups with seven banks, ranking first among insurance companies in the country for the number bancassurance partnerships. In second place is Egyptian Takaful Life-GIG which has distribution arrangements with five banks, according to media reports.

The Egyptian central bank and the Egyptian Financial Supervisory Authority had earlier this year loosened regulations to allow each bank to have bancassurance arrangements with up to four insurance companies, namely, one general insurer, one general takaful operator, one life insurer and one family takaful company. Previously, a bank was allowed to tie up with one general insurer and one life insurer.

To date, at least 10 insurers have bancassurance alliances with banks.

The authorities re-opened the doors to bancassurance in 2013 after revamping the ground rules for the distribution model, which was suspended for five years from 2008 because of concerns over mis-selling.

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