News Middle East04 Mar 2021

Egypt:Govt discusses setting up insurance fund to cover family planning risk

| 04 Mar 2021

The government is currently discussing a proposal to establish a government fund for the Egyptian family, by providing incentives to encourage family planning, and to achieve compliance with the prescribed age of marriage, which is 18 years.

The discussions on the Family Insurance Fund centred on the mechanisms for establishing the Fund and its most prominent features, according to a report by Amwal Alghad.

Provisions governing government insurance funds in general are included in the final draft of the insurance Bill which is expected to be examined by the economic committee of the Egyptian parliament in the next few days.

The proposed insurance law defines government insurance funds as funds that underwrite risks that insurance companies do not usually accept or those that the government considers covering on its own for a national or social purpose.

A government insurance fund is established by a decision of the Prime Minister based on a proposal from the board of directors of the Financial Regulatory Authority (FRA). It is an independent legal entity.

There are currently several government insurance funds in the Egyptian market. They are: 

  • Custody guarantees

An insurance fund established in 1950 covering government employees who are required by regulation to issue guarantees for charges in their custody such as cash, revenue stamps, tools, supplies, etc.

  • Postal operations

This fund was established to cover risks to which postal services are exposed. This fund covers the risks of damage, loss, fire, theft, and embezzlement at post offices and government and private postal units.

  • Fishing vessels

The Fishing Vessels Cooperative Insurance Fund covers the fishing boats and workers of water resources cooperative societies

  • Compulsory motor third party liability

The government fund covers damages resulting accidents caused by rapid transit vehicles inside Egypt

  • Egyptian school students

The insurance fund for school students covers a number of risks, including accidental death, and total and partial disability.

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