EFSA participated in the SME Insurance Summit in Singapore under the auspices of the German Agency for International Cooperation (GIZ).
Dr. Mohammed Omran, EFSA’s Acting Chairman reviewed the report which was prepared by the group that participated in the conference. The report emphasized that the summit’s main objective is to organize how small and medium enterprises can obtain insurance to manage their risks and increase their size by identifying the optimal insurance coverage they need and simplifying the complexities faced by these companies. The report stated that the small and medium enterprises shall identify insurance priorities and simplify it by classifying insurance according to its types (life insurance – general insurance).
It is worth mentioning that EFSA has first organized micro-insurance in Egypt in November 2016. EFSA has set the controls that allow the issuance and distribution of electronic policies which is an important step to make insurance services available for new segments of society and this shows Egypt’s efforts in achieving financial inclusion. In addition, EFSA has defined micro-insurance as any insurance service which targets low incomes in the areas of life insurance and property insurance in order to protect them from the risks they may be exposed that is by paying installments that suit the nature of the insured risk.