Finance

Axa Egypt, Egypt Post Launch Micro-Insurance for 12 Million Low-Income Egyptians

Axa Egypt, Egypt Post Launch Micro-Insurance for 12 Million Low-Income Egyptians
Friday, 11 October 2024 10:30

The newly formed company aims to serve nearly 12 million low-income Egyptians, offering insurance products tailored to their needs.

Axa Egypt, a leading insurance provider, has partnered with Egypt Post, the country’s government postal service, to launch a new micro-insurance company. The announcement was made on October 3. The company aims to provide affordable insurance services to 12 million low-income Egyptians who have limited access to traditional insurance products.

“The inclusive-insurance offerings will include both retail and group products, covering areas such as hospital cash (Hospi-cash), personal accident (PA), term life, payment protection, credit life, livestock insurance, and group protection,” Axa Egypt explained in a statement. These products will be available through various channels, including Egypt Post’s extensive network, microfinance institutions, and fintech platforms.

In May 2024, Egypt approved a new unified insurance bill that aims to modernize the insurance sector and improve transparency. The law introduces new categories of mandatory insurance and requires insurers to increase their minimum capital. Although the law has not yet come into effect, Egypt's insurance market continues to grow. According to Egypt’s Financial Regulatory Authority (FRA), insurance revenue increased by 28.9% to EGP35.8 billion in the first half of 2023.

Micro-insurance is growing rapidly across Africa. According to a May 2024 study by the Microinsurance Network, more than 34 million people in 14 African countries were covered by micro-insurance programs in 2021. This shows significant progress compared to 2008, when the International Labour Organization (ILO) reported that only 14.7 million low-income individuals were covered. Back then, these individuals made up just 2.6% of people living on less than $2 a day in 32 African countries, with micro-insurance premiums totaling around $257 million.

On the same topic
• Fily Sissoko will oversee a $8.5 billion World Bank portfolio spanning Mozambique, Madagascar, Mauritius, Comoros, and Seychelles.• His mission...
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
03

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.