Summary
As part of its ongoing efforts to enhance transparency and efficiency in Egypt’s insurance sector, the Egyptian Insurance Federation has introduced its first comprehensive guideline for property and engineering claims settlement.
This release marks the beginning of a series of technical guides aimed at standardizing underwriting and claims processes, ensuring adherence to best practices in the industry.
Why This Guideline?
This guideline serves as a key reference for insurance companies, establishing unified standards that ensure:
- Clear and streamlined claims settlement procedures.
- A more structured and transparent approach to handling claims.
- Greater consistency across the industry, strengthening customer trust in the sector.
Key Features of the Guideline
The document provides a structured framework covering every aspect of claims handling, from incident reporting to final compensation payout, including:
- Required documentation and submission process for claims.
- Internal workflows within claims departments to ensure efficiency.
- The role of assessors in evaluating damages and determining compensation.
- Handling disputes, salvage sales, litigation procedures, and complaints management.
- Periodic performance monitoring and evaluation to enhance service quality.
Additionally, the guideline addresses complex issues such as business interruption claims and the distribution of liability among insurers in cases of policy co-participation.
Impact on the Egyptian Insurance Market
This initiative is expected to bring significant improvements to the industry by:
- Enhancing customer experience through faster and more efficient claim settlements.
- Strengthening the credibility of the Egyptian insurance market both locally and internationally.
- Creating a more competitive and professional business environment.
- Reducing disputes between clients and insurers by establishing clear standards.
The Federation’s Role in Industry Development
The Egyptian Insurance Federation remains committed to publishing technical guidelines and reports that assist insurers in optimizing underwriting and claims operations according to global best practices.
These efforts aim to enhance service quality and promote structured and well-regulated industry standards.
About the Egyptian Insurance Federation
Founded in 1953 under Ministerial Decree No. 156 of 1953, the Egyptian Insurance Federation represents all licensed insurance and reinsurance companies operating in Egypt.
It is a non-profit entity with an independent legal personality, playing a crucial role in regulating and advancing the insurance sector.
The Federation’s objectives include:
- Enhancing the quality and modernization of the insurance industry.
- Promoting cooperation among insurers to prevent conflicts and ensure market harmony.
- Coordinating with the Financial Regulatory Authority (FRA) to improve market regulations.
- Strengthening ties with insurance federations in Egypt and abroad.
Towards a More Structured and Sustainable Insurance Market
The introduction of this guideline is a significant step towards optimizing claims management in Egypt, reflecting the Federation’s commitment to advancing the sector and ensuring a more efficient and customer-focused insurance landscape.