Misr Life, NBE to provide insurance to 500K clients

Cairo – 23 June 2017: Misr Life Insurance will provide insurance services to 500,000 customers at the National Bank of Egypt (NBE), Chairman of the company Ahmed Abdel Aziz said Thursday.

Under a new agreement between Misr Life Insurance and NBE, the insurance covers a value of LE 23 billion ($1.27 billion) of personal and salary loans, Abdel Aziz said in a statement.

The Central Bank of Egypt has allowed ‘Bancassurance’ since 2013, after it was suspended in 2007 on the basis of growing risks like lack of adequately trained staff and increased amount of mis-selling, as reported by Oxford Business Group.

By May 2015, a total number of eight insurance companies were reported to be working with 17 banks to offer insurance products, according to the Egyptian Financial Supervisory Authority (EFSA).