Egypt’s Financial Regulatory Authority (FRA) has revealed that insurance companies licensed by the authority will provide an umbrella of insurance policies for citizens travelling abroad.
The FRA said that it has coordinated with the Ministry of Interior to ensure that Egyptian citizens can access immediate assistance whilst travelling abroad in cases of accidents, emergencies, or illness.
The insurance coverage will be granted to more than 20 million Egyptians during trips whose duration does not exceed 90 consecutive days while their passports are valid.
The limit of insurance coverage is €30,000 or its equivalent in other currencies, the first €100 being allocated to medical expenses and hospitalisation costs.
In case of death, insurance covers the costs of returning the deceased’s body to their country of residence.
To implement this mechanism, FRA Chairperson Mohamed Omran issued a declaration to establish the Egyptian Association for Travel Insurance. This will provide coverage for travellers against the dangers they may be exposed to during their travels abroad.
Omran said that the association’s work mechanism has been developed, and it has now been assigned with managing insurance coverage for travelling citizens, and providing compensation against risks.
The best methods of global risk management related to providing insurance protection for nationals were considered. An agreement was made with the Executive Council for Property and Liability Insurance of the Insurance Federation of Egypt (IFE), in mid-February, on the establishment of the association.
Article 1 of the association’s law stipulates that every insurance company or cooperative insurance association licensed by the FRA becomes a member of the association once registered with the authority.
Omran added that many countries stipulate that their travellers must be insured as a condition for their travel visa. The association directly, and on behalf of its members, manages travel insurance documents for holders of passports issued by the Ministry of Interior.
The association will also manage everything related to the process, in accordance with the terms, conditions of the travel insurance policy. It additionally collects premiums for the documents, and examines and studies compensation requests submitted by the person covered by the insurance, their heirs, agents, or health care program management companies.
The FRA has taken into consideration the best international methods regarding travel coverage in all global markets. It has given travelling citizens the full right to conclude a supplementary travel insurance policy with additional coverage at any of the insurance companies licensed by the FRA, to issue the travel insurance documents needed.