Head of the Financial Regulatory Authority Issues a Decision to Develop the Voluntary Insurance Document for Egyptians Abroad
Cairo – Nadeh Imam: Dr. Islam Azam, Chairman of the Financial Regulatory Authority (FRA), issued a decision to amend and develop the personal accident insurance policy for Egyptians abroad and their families. The updated policy includes coverage for arbitrary dismissal with compensation reaching 100,000 Egyptian pounds, as well as coverage for total permanent disability resulting from an accident, valued at 250,000 Egyptian pounds. It also retains existing coverage for natural death or death resulting from an accident, which includes bearing the costs of repatriating the body to the homeland. These measures align with directives from the political leadership and state efforts to protect the interests of Egyptians abroad, and follow a cooperation protocol signed in July between the Ministry of Foreign Affairs and the Financial Regulatory Authority, with active participation from the Ministry of Interior and the Egyptian Travel Insurance Consortium, aimed at maximizing the benefits Egyptians abroad can derive from the prescribed insurance coverage.
The new optional policy for Egyptians abroad will take effect on August 1, with an annual premium of 400 Egyptian pounds.
The Chairman of the Financial Regulatory Authority stated that the addition of coverage for arbitrary dismissal was a response to demands raised during the Sixth Conference of Egyptians Abroad last year. He noted that the policy covers this risk with compensation up to 100,000 Egyptian pounds upon proof of employment termination and deportation for reasons beyond the worker’s control, including collective repatriation due to political or economic reasons.
He added that the decision is one of the fruits of integrated state institutional efforts to provide more comprehensive insurance protection for Egyptians abroad, reflecting a commitment to developing protective tools, responding to humanitarian and social needs, and swiftly addressing changes that may affect Egyptians in various labor markets through updating regulatory frameworks and introducing new mechanisms.
The Chairman emphasized the importance of the role played by the Ministry of Foreign Affairs in raising awareness about the new coverage among Egyptian communities abroad, contributing to ensuring that all segments and groups benefit from the new coverage and maximizing its utility. He noted that the Seventh Conference of Egyptians Abroad, scheduled for next month, presents an opportunity to support these awareness-raising efforts.
Under the protocol, the Financial Regulatory Authority, through the Egyptian Travel Insurance Consortium, will establish operational mechanisms for issuing policies and collecting premiums electronically, ensure the swift disbursement of compensation to beneficiaries, and conduct necessary actuarial studies to review the policy’s pricing based on actual results.
Meanwhile, the Ministry of Foreign Affairs and Egyptians Abroad will be responsible for raising awareness about the policy and its benefits through various channels and by engaging with Egyptian communities abroad, alongside supporting awareness campaigns and related events.
