The Insurance Federation of Egypt (IFE) has developed a strategy to help low-income groups access insurance services by introducing new products that meet their needs, according to its chairman, Alaa El-Zoheiry.
El-Zoheiry said that providing insurance services to low-income groups will help raise awareness of insurance in the Egyptian market. He made the remarks at the opening session of the fifth Sharm El-Sheikh Insurance and Reinsurance Forum.
He added that the IFE, especially the micro and agricultural insurance committees, have a policy to study new products that focus on providing insurance services to these groups. He said the IFE aims to increase financial literacy and simplify various insurance products, especially for micro, small and medium enterprises.
The IFE also aims to finalise the second phase of its strategy to support environmentally friendly sustainability standards. It has started working on the first draft and is working to mitigate the effects of inflation on different categories of customers.
El-Zoheiry also said that the IFE, with the support of the Financial Regulatory Authority (FRA), is seeking to establish a committee for natural risks and an insurance pool for these risks, following negotiations with partners from regional and global markets.
