Issuance of 37,000 insurance documents for Egyptians abroad since the beginning of August
Cairo - Nihad Imam: Figures from the Egyptian Travel Insurance Pool revealed the issuance of approximately 37,000 voluntary insurance documents for Egyptians working and residing abroad since its development, effective August 1 of this year, with total insurance premiums amounting to approximately 14.8 million Egyptian pounds. This reflects the growing interest among Egyptians abroad in benefiting from the insurance coverage specifically designed for them.
These results come in implementation of a cooperation protocol signed between the Financial Regulatory Authority (FRA) and the Ministry of Foreign Affairs, under which the personal accident insurance policy for Egyptians abroad and their families was modified and developed. For the first time, it includes voluntary coverage for the risk of arbitrary dismissal, in addition to other existing insurance coverages. This aims to maximize the benefits Egyptians abroad can derive from insurance coverage and develop mechanisms to make it accessible, as part of the state’s efforts to enhance insurance protection for Egyptians abroad and respond to their changing needs.
The developed policy includes coverage for the risk of arbitrary dismissal, with compensation reaching up to 100,000 Egyptian pounds, in addition to coverage for total permanent disability resulting from an accident, with compensation reaching up to 250,000 Egyptian pounds. It also includes standard coverages for natural death or death resulting from an accident, which cover the costs of transporting the body to the homeland, for an annual premium of 400 Egyptian pounds.
Dr. Islam Azam, Chairman of the Financial Regulatory Authority, emphasized that the strong uptake of the developed policy since the launch of the new coverage at the beginning of August reflects the importance of responding to the actual needs of Egyptians abroad and providing more comprehensive insurance protection tools that align with the nature of risks they may face in various labor markets.
He noted that the addition of coverage for the risk of arbitrary dismissal was a response to demands received by the Authority, underscoring the commitment to continuously develop products and regulatory frameworks and to respond swiftly to changes that may affect the situation of Egyptians working and residing abroad. He clarified that the new coverage provides compensation of up to 100,000 Egyptian pounds upon proof of termination of the employment relationship and deportation of the worker for reasons beyond their control, including collective repatriation due to political or economic reasons.
The Authority Chairman stressed the importance of the role played by the Ministry of Foreign Affairs in raising awareness among Egyptian expatriate communities about the new insurance coverages, which contributes to ensuring the policy reaches various categories and segments and maximizes its utilization. He pointed out that the Seventh Conference of Egyptians Abroad, scheduled to be held next month, represents an important opportunity to support awareness efforts regarding the benefits of the policy and the coverages it provides.
The Authority confirmed that the development of the insurance policy for Egyptians abroad is part of its strategy to expand the scope of insurance coverage and develop products that meet the emerging needs of citizens, thereby enhancing the role of insurance as a tool for social and economic protection.
