The Egyptian Financial Regulatory Authority approved two companies for digital insurance policies and is reviewing over 10 more applications, FRA Chairperson Islam Azzam announced at the 52nd African Insurance Organisation Conference in Cairo.
The Egyptian Financial Regulatory Authority has approved two companies to issue insurance policies using financial technology and is processing applications from over 10 others. FRA Chairperson Islam Azzam made the announcement on Sunday while delivering the opening address at the 52nd African Insurance Organisation Conference in Cairo. Azzam stated that the issuance of insurance documents via smart applications has become a reality. The authority has established a flexible regulatory environment requiring digital companies to maintain necessary technological infrastructure and the highest cybersecurity standards. The two approved firms can issue policies via mobile applications, conduct electronic identity verification, and register electronic contracts. The FRA has issued approximately 80 executive decisions for the Unified Insurance Law No. 155 of 2024. It requires a tenfold increase in capital for insurance companies and mandates IFRS 17 standards. The authority is studying a project to fully link electronically with all non-banking financial sectors.