Post For Investment, AXA Launch Egypt's First Microinsurance Company

(MENAFN- Daily News Egypt) Post for Investment, the investment arm of Egypt Post, and AXA Egypt have signed a strategic partnership agreement.

Amr Talaat, Minister of Communications and Information Technology, Mohamed Farid, Chairperson of the financial Regulatory Authority (FRA), and French Ambassador to Egypt Eric Chevallier witnessed the signing ceremony.

This partnership aims to launch the first microinsurance company in Egypt under the new Unified Insurance Law. Present at the event were Abdo Alwan, Acting Chairperson of the National Postal Authority, and Thomas Buberl, CEO of AXA Group.

This strategic partnership aligns with the state's efforts to enhance financial inclusion and comply with the new Unified Insurance Law. The goal is to provide financial protection to over 12 million low-income citizens by offering a diverse range of affordable microinsurance products, both individual and group plans. These products will cover health insurance, personal accidents, life, livestock, and group protection programs. Customers will have easy access to these services through various channels, including the extensive network of Egyptian Post branches across the country, as well as through microfinance companies and digital platforms.

Amr Talaat emphasized that this agreement represents a significant step forward in expanding financial services to citizens via the Egyptian Post, further supporting financial inclusion. It also reflects the confidence of French companies in Egypt's business environment. He added that insurance services are not limited to specific groups but extend to the most vulnerable, offering services that cater to their circumstances and needs. The provision of microinsurance adds another layer to the financial services portfolio offered by the Egyptian Post.

Talaat also highlighted that, just a few months ago, additional services were introduced, including microloans and consumer loans, showcasing the continuous development of the Egyptian Post. The number of post office branches has increased from 3,200 a few years ago to 4,850 today, with an expanded range of services. In addition to traditional postal services, the Egyptian Post now provides financial services and serves as a gateway for citizens who prefer not to directly engage with digital technologies by offering access to Egypt's digital services.

Mohamed Farid, Chairperson of the Financial Regulatory Authority, noted the importance of the strategic partnership between El Post for Investment and AXA Insurance, as it marks the first implementation of the Unified Insurance Law. This law highlights the significant legislative impact on developing markets, opening new horizons, especially in the financial sector.

Farid emphasized that the FRA continues to implement policies and procedures aimed at digitizing financial transactions and increasing the use of financial technology. This will expand insurance coverage and enhance the use of technology applications, a key factor in achieving greater insurance inclusion.

Abdo Alwan, Acting Chairperson of the National Postal Authority, described the partnership as a crucial step that reflects the Egyptian Post's commitment to expanding its services and meeting the growing needs of its customers. By leveraging its advanced infrastructure, technology, and wide geographical spread, the Egyptian Post will enable the new company to deliver microinsurance services effectively and easily. This will contribute to enhancing financial inclusion and extending financial services to broader segments of society, solidifying the Egyptian Post's position as a leading provider of non-banking financial services and supporting its role in economic and social development.

Thomas Buberl, CEO of AXA Group, underscored the importance of this project, stating that the goal is to become a leader in microinsurance in Egypt and the region. He added,“Since 2016, AXA has provided microinsurance services in over 20 countries, with Egypt being one of the first. By 2026, we aim to protect 20 million customers worldwide through microinsurance, reflecting our commitment to social impact and ensuring protection for those most in need. This partnership with El Post for Investment is a decisive step in expanding insurance services to ensure our customers in Egypt receive the necessary protection. By tapping into the extensive branch network of the Egyptian Post and AXA's expertise in insurance, we will deliver exceptional services to our clients.”

Ahmed Ali Abdel Rahman, CEO of Post for Investment, described the partnership as a significant achievement within the company's new strategy. He expressed pride in completing this partnership under the leadership of Amr Talaat, Minister of Communications and Information Technology, and Mohamed Farid, Chairperson of the Financial Regulatory Authority, with strong support from the Egyptian Post and a prestigious partner like AXA Group. He added,“We continue to build public-private partnerships, leveraging the unique distribution capabilities of the Egyptian Post and the high level of trust it enjoys among the Egyptian people. This allows us to offer innovative financial and investment products to a wide range of society while delivering sustainable and attractive financial returns.”

Omar Shalaby, CEO of AXA Egypt, expressed pride in co-founding Egypt's first microinsurance company. He highlighted the company's role in providing financial protection to millions of clients in Egypt, aligning with initiatives launched by the Egyptian government. He added,“This joint venture demonstrates AXA's commitment to offering insurance services that align with our strategy of 'opening new horizons.' We believe in the importance of public-private partnerships in fostering Egypt's economic and social prosperity.”

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