Mostafa Khalil, Assistant Vice President of the Financial Regulatory Authority, revealed that the African continent has what is known as federal insurance, which is one of the factors that strengthen the insurance sector in general. He emphasized that it does not place an additional financial burden on clients, as it relies on cooperation and is considered a fard kifayah (collective duty) in Islamic insurance.
During the 4th Microinsurance Conference held in Luxor and the 10th Regional Conference on Insurance Inclusion in Africa and the Middle East (AfCII) 2025, Khalil stressed the need to understand the current reality, noting that in Egypt, there are both formal and informal workers. He underlined the importance of developing the agricultural sector to support the growth of microinsurance.
Karimi Natigia, Operations Manager of the ACRE Africa Microinsurance Network, stated that the sector needs more local products—according to the network’s annual report on microinsurance—such as coverage for natural disasters and agricultural insurance. She added that the market needs 4 to 5 years to achieve the desired outcomes and profitability in this field.
She also pointed out the difficulty in reaching marginalized groups who lack access to services. In Egypt, 79.1% of companies rely on company representatives and insurance brokers for sales, highlighting the significant role of agents. She also noted a growing trend toward the adoption of innovative solutions.