Technical committees of the Insurers' Federation of Egypt (IFE) are currently studying the proposed form of the divorce insurance policy, a line of business provided for under the new insurance law passed in 2024.
Unified Insurance Law 2024 includes an unprecedented article requiring the husband to pay an insured an amount under divorce risk insurance, which the divorced woman receives according to the terms and conditions specified by the law.
The insurance policy aims to guarantee women's rights in cases of divorce and provide them with financial security until they receive all their entitlements. This guarantees women's psychological security and family stability, particularly for those who are unemployed and lack a steady income.
The divorce insurance policy, after vetting, will be submitted to the Financial Regulatory Authority (FRA).
The IFE, in its latest weekly newsletter released on 12 October, addressed the divorce insurance policy and insurance against divorce risks as a model of the role of insurance in protecting women financially and socially.
The newsletter explained that the insurance sector's support for women's economic and social empowerment is achieved by providing a safety net against health and financial risks, as insurance can unleash women's potential, enhance their independence, and contribute to the stability of their families and communities.