Egyptian Government approves unified insurance law

The draft unified insurance law, which has been in the works since 2018, was officially approved by the Egyptian government on 20 May 2024. The new regulations will come into force after publication in the Official Gazette.

The project is aimed at modernizing the insurance sector and increasing its transparency.

The new provisions include:

• raising insurers' minimum capital requirements from the current 60 million EGP (1.9 million USD) to 250 million EGP (8.1 million USD)
• developing a natural catastrophe insurance scheme covering floods and earthquakes, among other things
• introducing new categories of compulsory insurance