Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, issued Decree No. 698 of 2021, to establish a group to secure travel abroad, called the “Egyptian Association for Travel Insurance,” with the aim of providing a cover of protection and safety for the people of the homeland against the various dangers that they may be exposed to during their travel abroad.
This comes within the framework of the state’s keenness to protect Egyptian citizens from the various dangers that they may face while traveling outside the country, after coordination between the General Authority for Financial Supervision and the Ministry of Interior as the entity entrusted with issuing passports for Egyptian citizens by the Egyptian insurance companies licensed by the Authority. By practicing travel insurance activity to provide an insurance umbrella that provides immediate assistance to Egyptians traveling abroad in the event that any of them are exposed to any accident or emergency illness that they may be exposed to during their travel trip outside the Arab Republic of Egypt.
The insurance coverage granted to more than 20 million Egyptians during their travel to all parts of the world under this document will be valid on all trips that do not exceed 90 consecutive days during the validity period of the passport, and the limits of insurance coverage reach 30,000 euros or its equivalent in other currencies. With a bearing of the first 100 euros or its equivalent in other currencies of medical expenses and hospitalization costs.
In addition to the costs of transportation or returning the insured to the country of residence in the event of illness or an accident, the insurance coverage includes the costs of returning the body to the country of residence in the event of the insured's death.
“Omran” said that a collector mechanism was developed and assigned to it the competence of managing travel insurance abroad and compensating those affected against the travel dangers faced by nearly 23 million Egyptians while traveling to all parts of the world, after studying and following up on the best methods of global risk management associated with providing insurance protection for nationals of countries. Abroad, and the Executive Council for Property and Liabilities Insurance of the Egyptian Insurance Federation agreed in mid-February to establish the "Egyptian Association for Travel Insurance."
Imran added, in a press release, today, Sunday, that in the face of many countries requiring an umbrella of insurance protection for people coming to them as one of the conditions for granting a travel visa, the association directly and on behalf of the members administers the travel insurance documents for holders of passports issued by The Ministry of Interior - issuing it electronically - and managing everything related to the insurance process, in accordance with the terms, conditions and exceptions of the travel insurance policy, collecting premiums for the documents, examining and studying compensation requests submitted by the affected people, their heirs, their agents, or health care program management companies to pay compensation to their beneficiaries.
In the same context, Counselor Reda Abdel Muti, Vice President of the Financial Supervision Authority, said that the establishment of the travel insurance pool abroad is an important step to complete the digital transformation process in the typical branches of insurance and invest the high performance of the compulsory car insurance pool in achieving stability in the system of compulsory insurance on cars since the beginning In 2019, in addition to strengthening the status of the national insurance industry by allowing the new pool to arrange reinsurance agreements for that insurance branch on behalf of the entire Egyptian market.
Abdel Moati confirmed that the Authority has been keen to study the best international practice methods regarding the availability of travel coverage in all global markets, and has given citizens - travelers - the full right to conclude a supplementary travel insurance policy with additional coverage at any of the insurance companies and insurance societies licensed by the Authority to issue Travel insurance documents to meet the additional coverage needs of some categories of Egyptians.
It is noteworthy that after registering the Egyptian Association for Travel Insurance in the Authority’s Register of Insurance Complexes under No. 9 and adopting its Articles of Association - as an executive step to achieve the insurance coverage, whose beginnings were with the implementation of the Commission’s comprehensive strategy for non-banking financial activities (2018-2022) and access to insurance protection for all segments of society - It is not permissible for any insurance company and cooperative insurance societies licensed to practice travel insurance on passports issued by the Ministry of the Interior, to issue this type of document in any form, outside the scope of the collector.
Comments
Post a Comment