Egypt Post, AXA sign agreement to study establishment of a micro-insurance company

CAIRO - 1 August 2022: Egypt Post, the Postal Investment Company, the investment arm of the Egyptian Post, and the international company AXA signed on Sunday a cooperation agreement aimed at studying the establishment of a micro-insurance company.

 

Chairman of the Board of Directors of Egypt Post, Sherif Farouk said that this agreement is of special importance, as it will greatly contribute to the arrival of insurance products to low-income groups who are not targeted by the financial sector. It will provide a variety of value-added insurance services, which will contribute to the implementation of the state's orientations towards financial inclusion, digital transformation of financial services, and the development of the small, medium and micro enterprises sector.

 

Farouk explained that under this agreement, an integrated feasibility study will be prepared for the establishment of a micro-insurance company with the aim of developing insurance solutions for groups not covered by financial services from the official financial sector, especially small and micro enterprises, seasonal employment, irregular employment, small farmers, workers with limited income and others. “The company will start its work as soon as the micro-insurance law is issued.”

 

Ahmed Abdullah, Managing Director of Postal Investment Company, indicated that this company will be the first of its kind in the Egyptian market, as it will provide a great added value in the field of insurance by developing insurance solutions for groups not covered by financial services from the official financial sector, thus contributing to Implementation of the company's vision of contributing to achieving financial inclusion.

 

 “Through this partnership, we aim to enhance the company’s orientations to develop its activities and provide the best innovative insurance solutions in Egypt, targeting the labor sector with low incomes, including It is in line with the strategy of expansion and growth in the activities and services provided to Egyptians,” Ayman Kandil, Managing Director of AXA Life Insurance Egypt and Chairman of the Board of Directors of AXA Insurance Egypt, said.