The Insurance Federation of Egypt (IFE) has approved the expansion of the scope of the work of the General Committee for Microinsurance to small and medium enterprises, in light of the Egyptian state's support for micro, small and medium enterprises and amendments of the laws related to this sector, according to Mr Alaa El-Zoheiry, IFE president.
He said this as he outlined the IFE's action plan and goals which include developing initiatives to reach citizens who have little or no access to insurance services, so that insurance will be an important part of Egypt's financial inclusion strategy, according to local media reports.
The IFE plans to introduce new products to low-income groups, with a focus on making the products simple.
This move includes presenting new insurance products or packages for SMEs in cooperation with the specialised technical committees of the Federation. The Microinsurance committee is studying microinsurance models, focusing on distribution, managing collection processes and paying compensation electronically.