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 chairperson Alaa El-Zoheiry.
El-Zoheiry said that providing insurance services to low-income groups will help raise insurance awareness in the Egyptian market. He made these 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 for these groups. He said that the IFE aims to raise financial culture and simplify various insurance products, especially for micro, small, and medium enterprises.
The IFE also aims to complete the second phase of its strategy to support environmentally friendly sustainability standards. It started working on the initial draft and exerting effort 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), seeks to launch a committee for natural risks and an insurance pool for these risks, following negotiations with partners from regional and global markets.