Egypt: Regulator approves first online life products
Source: Middle East Insurance Review | Nov 2017
Egypt Life & Health
The Egyptian Financial Supervisory Authority (EFSA) has approved online policies for state-owned Misr Life Insurance.
Dr Ahmed Abdul Aziz, Chairman and Managing Director of Misr Life, said that there is one online life policy for men and another for women. They differ in the design and price, and to the physiological differences between the two sexes. Both policies cover cancer, he said.
He pointed out that there are five levels of coverage under the life policies, according to the amount and period of insurance. The minimum level comprises coverage of EGP100,000 (US$5,672) for a term of three years, rising to EGP500,000 for 10 years.
The policy is issued electronically without requiring the prospective customer to make any medical disclosure. The customer responds to some questions regarding his health condition, and the customer can pay by installments through credit cards.
The EFSA has stipulated that prior approval should be given to each insurer wishing to activate e-insurance.
The regulator has already approved several online non-life products. M
EGP1 = US$0.06