Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority (FRA), announced the upcoming issuance of several new regulations to support the microinsurance sector, emphasizing its vital role in promoting financial inclusion and expanding coverage to underserved populations. He noted that several regulatory decisions have already been made following the issuance of the Unified Insurance Law, including raising company capital requirements to EGP 400 million within one year and EGP 600 million within two years.
This announcement came during the opening session of the 4th Microinsurance Conference and the 10th Regional Conference on Inclusive Insurance in Africa and the Middle East (AfCII) 2025, held in Luxor.
Dr. Azzam highlighted recent key decisions covering reserve calculations, financial statement adjustments, and customer protection regulations—including complaint handling mechanisms and governance standards for intermediaries and digital platform supervisors. A new solvency margin framework has also been proposed and reviewed by the market.
He also pointed to ongoing efforts to revise regulations on reinsurance companies (Decision 122), establish governance frameworks, and define qualification criteria for key roles, all aimed at stabilizing and preparing the market. He stressed the importance of integrating digital systems and national ID verification to improve data accuracy and market analytics.
Azzam confirmed that digital transformation remains a top priority, particularly in the microinsurance sector, which currently serves 344 million beneficiaries worldwide. He also emphasized the growing role of agricultural insurance, with premiums reaching EGP 123 million in 2024, up from EGP 117 million in 2023.